Capital mobility and labor market volatility |
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| Authors: | M. Alper Çenesiz Christian Pierdzioch |
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| Affiliation: | (1) FEP, CEF.UP, University of Porto, R. Roberto Frias, 4200-464 Porto, Portugal;(2) Department of Economics, Saarland University, P.O. Box 15 11 50, 66041 Saarbruecken, Germany |
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| Abstract: | We used a dynamic two-country optimizing model featuring efficiency wages to analyze the implications of capital mobility for labor market volatility. Capital mobility magnifies the short-run effects of productivity shocks and monetary shocks on employment and the real wage, but dampens the medium-run effects. The overall effects of capital mobility on the volatility and the cyclical properties of employment and the real wage are moderate. |
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