Search Results
Author: Kudlyak, Marianna
Resulting in 2 citations.
| 1. |
Bils, Mark J. Kudlyak, Marianna Lins, Paulo |
|
The Quality-Adjusted Cyclical Price of Labor Journal of Labor Economics 41:S1 (1 October 2023) S13-S59. Also: https://www.journals.uchicago.edu/doi/10.1086/726701 Cohort(s): NLSY79, NLSY97 Publisher: University of Chicago Press Keyword(s): Job Separation/Loss; Labor Economics; Labor User Cost; Unemployment; Wage Levels; Wages; Wages, Starting We estimate cyclicality in labor's user cost allowing for cyclical fluctuations in the quality of worker-firm matches and wages that are smoothed within employment matches. To do so, we exploit a match's long-run wage to control for its quality. Using 1980-2019 National Longitudinal Survey of Youth data, we identify three channels by which recessions affect user cost: they lower the new-hire wage and wages going forward in the match, but they also result in higher subsequent separations. We find that labor's user cost is highly procyclical, increasing by more than 4% for a 1 percentage point decline in unemployment. |
|
|
Bibliography Citation
Bils, Mark J., Marianna Kudlyak and Paulo Lins. "The Quality-Adjusted Cyclical Price of Labor." Journal of Labor Economics 41:S1 (1 October 2023) S13-S59.
|
| 2. |
Kudlyak, Marianna |
|
The Cyclicality of the User Cost of Labor Journal of Monetary Economics 68 (November 2014): 53-67. Also: http://www.sciencedirect.com/science/article/pii/S0304393214001135 Cohort(s): NLSY79 Publisher: Elsevier Keyword(s): Firms; Labor Supply; Modeling; Wages The user cost of labor is the expected difference between the present discounted value of wages paid to a worker hired in the current period and that paid to a worker hired in the next period. Analogously to the price of any long-term asset, the user cost, not wage, is the relevant price for a firm that is considering adding a worker. I construct its counterpart in the data and estimate that it is substantially more procyclical than average wages or wages of newly-hired workers. I demonstrate an application of the finding using the textbook search and matching model. |
|
|
Bibliography Citation
Kudlyak, Marianna. "The Cyclicality of the User Cost of Labor." Journal of Monetary Economics 68 (November 2014): 53-67.
|