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| Tekijä: | Chen, L. Zhang, L. |
| Otsikko: | Do time-varying risk premiums explain labor market performance? |
| Lehti: | Journal of Financial Economics
2011 : FEB, VOL. 99:2, p. 385-399 |
| Asiasana: | labour markets risk premium employment growth recruitment manufacturing models |
| Kieli: | eng |
| Tiivistelmä: | Within the standard search and matching model, time-to-build (henceforth as: t-to-b.) implies that high aggregate risk premiums ought to predict low employment growth in the short run but high employment growth in the long run. This paper's evidence indicates two-quarter t-to-b. in the aggregate payroll data, no time-to-plan (herein as: t-to-p.) in the aggregate hiring data, but two-quarter t-to-p. in the job creation data for manufacturing (as: m-f.) firms. High payroll growth and high net job creation rate in m-f. do also predict low stock market excess returns at business cycle frequencies. |
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