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Title: The Cyclicality of the User Cost of Labor
Resulting in 1 citation.
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Kudlyak, Marianna |
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The Cyclicality of the User Cost of Labor Journal of Monetary Economics 68 (November 2014): 53-67. Also: http://www.sciencedirect.com/science/article/pii/S0304393214001135 Cohort(s): NLSY79 Publisher: Elsevier Keyword(s): Firms; Labor Supply; Modeling; Wages The user cost of labor is the expected difference between the present discounted value of wages paid to a worker hired in the current period and that paid to a worker hired in the next period. Analogously to the price of any long-term asset, the user cost, not wage, is the relevant price for a firm that is considering adding a worker. I construct its counterpart in the data and estimate that it is substantially more procyclical than average wages or wages of newly-hired workers. I demonstrate an application of the finding using the textbook search and matching model. |
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Bibliography Citation
Kudlyak, Marianna. "The Cyclicality of the User Cost of Labor." Journal of Monetary Economics 68 (November 2014): 53-67.
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