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The Redistribution RecessionHow Labor Market Distortions Contracted the Economy$
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Casey B. Mulligan

Print publication date: 2012

Print ISBN-13: 9780199942213

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199942213.001.0001

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Recession-Era Effects of Factor Supply and Demand

Recession-Era Effects of Factor Supply and Demand

Evidence from the Seasonal Cycle, the Construction Market, and Minimum Wage Hikes

Chapter:
(p.213) 8 Recession-Era Effects of Factor Supply and Demand
Source:
The Redistribution Recession
Author(s):

Casey B. Mulligan

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199942213.003.0008

This chapter examines factor supply and demand shifts occurring during this recession, using the framework developed in the previous chapter, to test the propositions that the incidence of supply and demand shifts are quite different than they were in the past, and in the direction assumed by Keynesian analysis. The chapter begins by examining the seasonal cycle, which features an obvious demand change—Christmas—and an obvious supply change: the availability of young people for work during the summer. It then looks at the market for commercial building, which saw an increase in factor supply as a result of the collapse of residential building. The chapter then reviews estimates of employment effects of the 2007–2009 federal minimum wage hikes. The chapter further suggest that labor supply and demand operate at the margin during recessions in much the same way that they do during non-recession years.

Keywords:   seasonal cycle, minimum wage, labor market, construction industries, new keynesian models

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