Labour Market API Reference

This section documents the Labour Market module, which manages employment, wage setting, and labor market clearing.

macromodel.markets.labour_market.labour_market.LabourMarket

Labour market implementation managing employment relationships.

This class implements the core labour market functionality, handling job matching, employment status tracking, and market clearing across multiple industries.

The market manages: - Employment relationships between firms and individuals - Industry-specific labour allocation - Hiring and firing decisions - Wage determination and labour costs - Market clearing and efficiency metrics

Clearing Mechanisms (Abstract)

macromodel.markets.labour_market.func.clearing.LabourMarketClearer

Abstract base class for labour market clearing mechanisms.

This class defines the interface for market clearing algorithms that match workers with firms. It supports various matching strategies and market frictions.

Attributes:

Name	Type	Description
hiring_speed		Rate at which firms can hire new workers
firing_speed		Rate at which firms can fire workers
random_firing_probability		Chance of random separations
sorted_firing		Whether to use productivity-based firing order
optimised_hiring		Whether to use optimized matching in hiring
allow_switching_industries		Whether workers can change industries
consider_reservation_wages		Whether to respect wage floors
firing_cost_fraction		Severance pay as fraction of wage
hiring_cost_fraction		Hiring costs as fraction of wage
individuals_quitting		Whether voluntary quits are allowed
individuals_quitting_temperature		Quit decision randomness
compare_with_normalised_inputs		Use normalized productivity
round_target_employment		Round employment targets