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Models for Dynamic Macroeconomics$
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Fabio-Cesare Bagliano and Giuseppe Bertola

Print publication date: 2004

Print ISBN-13: 9780199266821

Published to Oxford Scholarship Online: January 2005

DOI: 10.1093/0199266824.001.0001

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Adjustment Costs in the Labor Market

Adjustment Costs in the Labor Market

(p.102) 3 Adjustment Costs in the Labor Market
Models for Dynamic Macroeconomics

Fabio-Cesare Bagliano (Contributor Webpage)

Giuseppe Bertola

Oxford University Press

Focusses on how uncertainty may be treated simply in a Markov chain environment where shocks occur with given probabilities across a well‐defined and stable set of possible states. Applications to dynamic labour demand and to the equilibrium dynamics of wages and employment are used to characterize the dynamic and average long‐run effects of mobility costs and employment protection legislation.

Keywords:   average long‐run effects, employment protection legislation, mobility costs, shocks, wages

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