Microeconomic Foundations for a Real Theory of Employment   Fluctuations
{'Code': '04050100', 'Directorate': {'Abbreviation': 'SBE', 'LongName': 'Direct For Social, Behav & Economic Scie'}, 'Division': {'Abbreviation': 'SES', 'LongName': 'Divn Of Social and Economic Sciences'}}
{'SignBlockName': 'jerry blackmon', 'PO_EMAI': None, 'PO_PHON': None}
This research seeks to develop microeconomic foundations for a                  real (that is, non-monetary) theory of employment variability in                the business sector of market-type economies.  The focus is on                  lay-offs under conditions of post-hire employee immobility, so                  that a worker values the protection of a "contract" when                        attaching himself to a firm.                                                                                                                                    The first part of the research agenda tries to establish in a                   series of models a contractionary effect on employment resulting                from shocks to the real interest rate or to the marginal                        efficiency of investment, that, in the two-sector models                        utilized, drive down capital goods' demand price in real terms                  (measured in terms of consumer goods).  The second part of the                  research aims to show a contractionary employment effect from                   technological (or other) shocks generating a pause  or slowdown                 of productivity-- thus a permanent setback to the "schedule" on                 which productivity advances.                                                                                                                                    The problem, then, is to develop models of the optimal contract                 between employee and firm that will imply the hypothesized                      increase of unemployment (layoffs) from the above shocks--                      preferrably a model that will imply the layoffs to be                           involuntary.  To this end the projects will develop an incentive-               compatible contract model that under-insures against layoffs and                generates excess layoffs in adverse states.  The last step is to                work out explicitly the post-shock paths of employment when                     layoffs are thus determined.                                                                                                                                    If successful, this new research on non-monetary models would                   offer an important supplement to the monetary theory of slumps                  constructed by Keynes and successors which do not account very                  well for "long swings" in employment and economic activity.
{'FirstName': 'Edmund', 'LastName': 'Phelps', 'PI_MID_INIT': 'S', 'PI_SUFX_NAME': None, 'PI_FULL_NAME': 'Edmund S Phelps', 'EmailAddress': '212-280-2060', 'NSF_ID': '000119474', 'StartDate': '07/01/1988', 'EndDate': None, 'RoleCode': 'Principal Investigator'}
{'Name': 'Columbia University', 'CityName': 'NEW YORK', 'ZipCode': '100277922', 'PhoneNumber': '2128546851', 'StreetAddress': '615 W 131ST ST', 'StreetAddress2': 'MC 8741', 'CountryName': 'United States', 'StateName': 'New York', 'StateCode': 'NY', 'CONGRESSDISTRICT': '13', 'CONGRESS_DISTRICT_ORG': 'NY13', 'ORG_UEI_NUM': 'F4N1QNPB95M4', 'ORG_LGL_BUS_NAME': 'THE TRUSTEES OF COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK', 'ORG_PRNT_UEI_NUM': None}
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{'Code': '1320', 'Text': 'Economics'}
{'url': 'https://www.nsf.gov/awardsearch/download?DownloadFileName=1987&All=true', 'xml': '8721847.xml'}