English, Article, Journal or magazine article edition: The demand for youth: implications for the hours volatility puzzle Nir Jaimovich; Seth Pruitt; Henry E. Siu

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Bookmark: http://trove.nla.gov.au/version/161630
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The demand for youth: implications for the hours volatility puzzle
Author
  • Nir Jaimovich
  • Seth Pruitt
  • Henry E. Siu
Physical Description
  • preprint
Notes
  • RePEc:nbr:nberwo:14697
  • The employment and hours worked of young individuals fluctuate much more over the business cycle than those of prime-aged individuals. Understanding the mechanism underlying this observation is key to explaining the volatility of aggregate hours over the cycle. We argue that the joint behavior of age-specific hours and wages in the U.S. data point to differences in the cyclical characteristics of labor demand. To articulate this view, we consider a production technology displaying capital-experience complementarity. We estimate the key parameters governing the degree of complementarity and show that the model can account for the behavior of age-specific hours and wages while generating a series of aggregate hours that is nearly as volatile as output.
  • Business cycles ; Hours of labor
  • RePEc:fip:fedgif:964
Language
  • English
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