| Abstract | The macroeconomic approach to the labor market aims at explaining aggregate labor market phenomena that have been present in many industrialized countries such as the United States or the western European countries in the postwar period. These phenomena include the permanent and simultaneous presence of unemployment and unfilled job vacancies as well as the fact that aggregate hours worked, employment and unemployment strongly co-move with the business cycle. At the same time, the amount and composition of labor supplied to the market and employed in production have substantially changed over the last decades. Understanding the driving forces and economic mechanisms that lead to the outcome in the labor market is of high importance to grasp the business-cycle fluctuations as well as the evolution of long-run growth of the economy as a whole. more...
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