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Search Frictions, Financial Frictions, and Labor Market Fluctuations in Emerging Markets
Emerging markets finance & trade
This paper examines the role of the extensive and intensive margins of labour input in the context of a business cycle model with a financial friction. We document significant variation in the hours worked per worker for many emerging-market economies. Both employment and hours worked per worker are positively correlated with each other and with output. We show that a search-theoretic context in a small open-economy model requires a small income effect to explain these regularities at thedoi:10.1080/1540496x.2016.1153466 fatcat:rdz6pujfhvd3vh3d3mwtjsgqmy