000			01151nam a22001457a 4500
999			_c519277 _d519277
008			220217b ||||| |||| 00| 0 eng d
100			_aBreza, E., Kaur, S. and Shamdasani, Y. _932277
245			_aLabor rationing
260			_aThe American Economic Review
300			_a111(10), Oct, 2021: p.3184-3224
520			_aThis paper measures excess labor supply in equilibrium. We induce hiring shocks—which employ 24 percent of the labor force in external month-long jobs—in Indian local labor markets. In peak months, wages increase instantaneously and local aggregate employment declines. In lean months, consistent with severe labor rationing, wages and aggregate employment are unchanged, with positive employment spillovers on remaining workers, indicating that over a quarter of labor supply is rationed. At least 24 percent of lean self-employment among casual workers occurs because they cannot find jobs. Consequently, traditional survey approaches mismeasure labor market slack. Rationing has broad implications for labor market analysis. – Reproduced
773			_aThe American Economic Review
906			_aLABOR
942			_cAR