According to standard economic models, adverse demand shocks will lead to bigger
employment losses if institutional factors like minimum wages and trade unions prevent real
wages from falling. Some economists have argued that this insight explains the contrast
between the…

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Standard models of dynamic labor demand rely on the presence of
adjustment costs to explain the observed smoothness in employment patterns,
although the costs are often difficult to quantify. The experience rating
feature of the U.S. Unemployment Insurance (UI) system…

In a labor market in which firms offer tied hours-wage packages and
there is substantial dispersion in the wage offers associated with a
particular type of job, the best job available to a worker at a point in
time may…

We give an account of some results, both old and new, about any $n\times n$ Markov matrix that is embeddable in a one-parameter Markov semigroup. These include the fact that its eigenvalues must lie in a certain region in the…