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The Cyclical Behavior of Equilibrium Unemployment and Vacancies Revisited

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  • Marcus Hagedorn
  • Iourii Manovskii

Abstract

Recently, a number of authors have argued that the standard search model cannot generate the observed business-cycle-frequency fluctuations in unemployment and job vacancies, given shocks of a plausible magnitude. We propose a new calibration strategy of the standard model that uses data on the cost of vacancy creation and cyclicality of wages to identify the two key parameters –- the value of nonmarket activity and the bargaining weights. Our calibration implies that the model is consistent with the data. (JEL E24, E32, J31, J63, J64)

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.98.4.1692
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Bibliographic Info

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

Volume (Year): 98 (2008)
Issue (Month): 4 (September)
Pages: 1692-1706

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Handle: RePEc:aea:aecrev:v:98:y:2008:i:4:p:1692-1706

Note: DOI: 10.1257/aer.98.4.1692
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  1. Christopher A. Pissarides, 1992. "Search Unemployment with on-the-job Search," CEP Discussion Papers dp0074, Centre for Economic Performance, LSE.
  2. Michael J. Pries, 2004. "Persistence of Employment Fluctuations: A Model of Recurring Job Loss," Review of Economic Studies, Oxford University Press, vol. 71(1), pages 193-215.
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As found by EconAcademics.org, the blog aggregator for Economics research:
  1. A Frictionless Model of Job Flows and the Beveridge Curve
    by Christian Zimmermann in NEP-DGE blog on 2010-08-23 00:24:52
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