Recessions, expectations, and labor supply dynamics

摘要: We examine how expectations on macroeconomic evolutions affect as many twelve different labor market status transitions in bad economic times. Such a refined analysis of job search frequencies highlights intriguing findings. In times, e.g. to make up for the loss family income, not-working agents would like work. On other hand, individuals are somewhat discouraged by deteriorated and they exert only limited effort. This latter turns out be insufficient find work poor markets. All all, evidence pins down widespread presence “timid” responses, depicting hybrid picture that hardly can related one single theoretical approach. Specifically, our findings suggest refining standard dichotomic setting behind worker added literature. Results based battery multinomial logit models controlled several individual-level aggregate variables.