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Business Cycles and Labor-Market Search

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Author Info

  • Andolfatto, David

Abstract

The quantitative implications of labor-market search for economic fluctuations are evaluated in the context of a real-business-cycle model. Incorporating labor-market search into the model is found to improve its empirical performance along several dimensions. In particular, hours now fluctuate substantially more than wages and the contemporaneous correlation between hours and productivity falls. In addition, the model replicates the observation that output growth displays positive autocorrelation at short horizons. Overall, the empirical results suggest that the labor-market-search environment embodies a quantitatively important propagation mechanism. Copyright 1996 by American Economic Association.

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Bibliographic Info

Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 86 (1996)
Issue (Month): 1 (March)
Pages: 112-32

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Handle: RePEc:aea:aecrev:v:86:y:1996:i:1:p:112-32

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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Involuntary Unemployment and the Business Cycle
    by Christian Zimmermann in NEP-DGE blog on 2010-05-16 23:30:32
  2. Peter A. Diamond, Dale T. Mortensen, Christopher A. Pissarides
    by jccavalcanti in JCC.com on 2010-11-03 16:45:18

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  1. > Macroeconomics > Economic Fluctuations > Real Business Cycle Theory
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  1. Quantitative Macroeconomics and Real Business Cycles (QM&RBC)
  2. Canadian Macro Study Group
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