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Labor Markets and Business Cycles by Robert Shimer

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5

Looking Ahead

My goal throughout this book has been to present an internally consistent model that can help to explain the observed cyclical behavior of the U.S. labor market. I end this book on a more speculative note, conjecturing how this research agenda might continue to progress. I point to some recent theoretical research that provides a better foundation for why wages are rigid and some recent empirical research that uses microeconomic data to assess the extent of wage rigidity. I discuss some of my own research that questions whether the matching function approach that I use throughout this book is the most useful one for understanding why there is unemployment. Finally, I ask whether the indeterminacy that I highlighted in chapter ...

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