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DYNAMIC LABOR DEMAND AND ADJUSTMENT COSTS

Edited by Giorgio Galeazzi, Professor of Economics, University of Macerata, Italy and Daniel S. Hamermesh, University of Texas, Austin, US
This important book presents in one volume the most important articles and papers on three key issues in modern labor economics: the dynamics of labour demand, the related adjustment costs, and the effects of employment security policies.
Extent: 384 pp
Hardback Price: $275.00 Web: $247.50
Publication Date: 1993
ISBN: 978 1 85278 712 7
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This important book presents in one volume the most important articles and papers on three key issues in modern labor economics: the dynamics of labour demand, the related adjustment costs, and the effects of employment security policies.

The poor employment performance of many of the industrialized countries in the 1970s and ’80s has led to a dramatic growth of interest in the dynamics of labor demand and an outpouring of related policy initiatives in the European Community. In the United States, the erosion of the employment-at-will doctrine promises to arouse a similar growth of interest. This comprehensive reference collection brings together the seminal papers in this field, showing how the theory of labour demand dynamics and empirical analysis can be linked to the study of job security policies and their consequences.

Dynamic Labor Demand and Adjustment Costs will be an invaluable resource for students of microeconomics, labour economics and macroeconomics, as well as policy analysts concerned with job security and employment.
‘The value of this book must lie in its selection of papers, the convenience of having them altogether and the introduction and commentary from the editors. . . . a useful collection for libraries to have. . .’
– S. Burgess, International Journal of Manpower
Contributors include: K.G. Abraham, G. Bertola, S.M. Burgess, S.N. Houseman, T.J. Sargent, M.D. Shapiro, R.H. Topel
PROVISIONAL CONTENTS

INTRODUCTION

PART I: SIZE AND STRUCTURE OF ADJUSTMENT COSTS

W. Y. Oi (1962), ‘Labor as a Quasi-fixed Factor’

PART II: dynamic theories of labor demand

f. p. r. Brechling (1965), ‘The Relationship Between Output and Employment in British Manufacturing Industries’
J. A. Fay and J. L. Medoff (1985), ‘Labor and Output Over the Business Cycle: Some Direct Evidence’
D. Hamermesh (1989), ‘Labor Demand and the Structure of Adjustment Costs’
S. M. Burgess and J. J. Dolado (1989), ‘Intertemporal Rules with Variable Speed of Adjustment: An Application to U.K. Manufacturing Employment’
T. J. Sargent (1978), ‘Estimation of Dynamic Labor Demand Schedules under Rational Expectations’

PART III: DYNAMIC ANALYSIS OF INTERRELATED FACTOR DEMANDS

M. Nadiri and S. Rosen (1969), ‘Interrelated Factor Demand Functions’
R. I. D. Harris (1975), ‘Interrelated Demand for Factors of Production in the U.K. Engineering Industry, 1968-81’
R. H. Topel (1982), ‘Inventories, Layoffs and the Short-run Demand for Labor’
M. D. Shapiro (1986), ‘The Dynamic Demand for Capital and Labor’

PART V: FACTOR DEMAND AND EMPLOYMENT PROTECTION

D. Hamermesh (1988), ‘The Demand for Workers and Hours and the Effects of Job Security Policies: Theory and Evidence’
S. M. Burgess (1988), ‘Employment Adjustment in U.K. Manufacturing’
K. G. Abraham and S. N. Houseman (1989), ‘Job Security and Work Force Adjustment: How Different Are U.S. and Japanes Practices?
G. Bertola (1990), ‘Job Security, Employment and Wages’