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BEGIN:VEVENT
UID:452d28b9bfc9bbbec3ca4c1aa44b6d02
CATEGORIES:Seminars
CREATED:20161213T183740
SUMMARY:Lunch Seminar: Cynthia Doniger - Federal Reserve Bank
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Labor Supply Management in Search Equilibrium\nAbstract:\nWe propose a fram
 ework for understanding why nonparticipation in the labor force accelerates
  during contractions and participation does not fully recover during expans
 ions to the pre-recession levels. We interpret this phenomenon as the coord
 ination failure among firms and workers as vacancies are posted arising fro
 m wage-contracting features; that is, random search and ex-ante wage commit
 ments. Within this setup we show that the persistent changes in labor force
  participation will arise in response to transitory movements in the margin
 al product of labor: A negative shock to productivity may induce each firm 
 to restrict wages unilaterally (solving its individual monopsony problem.) 
 On the upside, however, raising wages beyond the going wage level has no im
 pact on labor supply, since worker expectations are based on the aggregate 
 wage level and each individual firm is massless and facing random search. T
 hese results are driven by an externality due to the search friction: an at
 omistic firm cannot unilaterally induce reentry of nonparticipants but a (u
 niversal) wage increase can increase the rate of participation.\n
DTSTAMP:20260404T021611Z
DTSTART:20150916T130000Z
DTEND:20150916T140000Z
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TRANSP:OPAQUE
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