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The Cyclical Behavior of Equilibrium Unemployment and Vacancies Revisited

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Author Info
Marcus Hagedorn
Iourii Manovskii

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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://hdl.handle.net/10.1257/aer.98.4.1692
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Publisher 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

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This page was last updated on 2009-11-16.

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