Labour market skills, endogenous productivity and business cycles.

Autor/inn/en	Abbritti, Mirko; Consolo, Agostino
Institution	Europäische Zentralbank
Titel	Labour market skills, endogenous productivity and business cycles. Gefälligkeitsübersetzung: Qualifikationen auf dem Arbeitsmarkt, endogene Produktivität und Konjunkturzyklen.
Quelle	Frankfurt, Main: European Central Bank (2022), 46 S. PDF als Volltext kostenfreie Datei (1); PDF als Volltext kostenfreie Datei (2) Link als defekt meldenVerfügbarkeit
Reihe	Working paper series / European Central Bank. 2651
Sprache	englisch
Dokumenttyp	online; Monographie
Schlagwörter	Segmentierung; Euro (Währung); Geldpolitik; Keynesianismus; Konjunkturzyklus; Mismatch; Nachfrageentwicklung; Zahlungsverkehr; Arbeitsmarkt; Arbeitsmarktstruktur; Arbeitsproduktivität; Qualifikation; Qualifikationsbedarf; Qualifikationsstruktur; Heterogenität; Institution; Hoch Qualifizierter; Ungelernter Arbeitnehmer
Abstract	"This paper analyses how labour market heterogeneity affects unemployment, productivity and business cycle dynamics that are relevant for monetary policy. The model matches remarkably well the short and long run dynamics of skilled and unskilled workers. Skill mismatch and skill-specific labour market institutions have three main effects on business cycles and growth dynamics. First, as the composition of labour market skills leads to supply segmentation, the relative scarcity of skilled workers increases the natural rate of unemployment and reduces total factor productivity with long-run effects on the growth rate of output. Second, skill heterogeneity in the labour market generates asymmetric outcomes and ampli.es measures of employment, wages and consumption inequality. Finally, the model provides important insights for the Phillips and Beveridge curves. Skill-specific labour market heterogeneity leads to a flattening of the Phillips curve as wages and unemployment are affected differently across skill types. Also, the model generates sideward shifts of the Beveridge curve following business cycle shocks that are related to the degree of skill heterogeneity" (Author's abstract, IAB-Doku).
Erfasst von	Institut für Arbeitsmarkt- und Berufsforschung, Nürnberg
Update	2022/3