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Cyclical Behavior of Unemployment and Job Vacancies: A Comparison between Canada and the United States

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  • Zhang Min

    ()
    (University of Toronto)

Abstract

As long as workers do not value their leisure much, the Mortensen-Pissarides search and matching model implies that unemployment and job vacancies would be much less responsive to changes in labor productivity than what we observe in the business cycles of the Canadian labor market. These findings parallel the work of Shimer (2005) for the United States. The combined data from both countries present an additional difficulty for the model. Even if the unobserved value of leisure is allowed to be as high as required to fit the business cycle in the United States or in Canada, as proposed by Hagedorn and Manovskii (2007), another failure arises. The model lacks ability to reconcile the similar labor cycles with the large policy differences in the UI benefits and income taxes in the two countries when the value of leisure is assumed to be the same in both countries.

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Bibliographic Info

Article provided by De Gruyter in its journal The B.E. Journal of Macroeconomics.

Volume (Year): 8 (2008)
Issue (Month): 1 (October)
Pages: 1-37

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Handle: RePEc:bpj:bejmac:v:8:y:2008:i:1:n:27

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Web page: http://www.degruyter.com

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Cited by:
  1. Hiroaki Miyamoto, 2009. "Cyclical Behavior of Unemployment and Job Vacancies in Japan," Working Papers EMS_2009_17, Research Institute, International University of Japan.
  2. Miyamoto Hiroaki, 2011. "Cyclical Behavior of a Matching Model with Capital Investment," The B.E. Journal of Macroeconomics, De Gruyter, vol. 11(1), pages 1-25, January.
  3. Cardullo, Gabriele & Guerrazzi, Marco, 2013. "The Cyclical Volatility of Equilibrium Unemployment and Vacancies: Evidence from Italy," MPRA Paper 51726, University Library of Munich, Germany.
  4. Miquel Faig & Min Zhang, 2012. "Labor Market Cycles, Unemployment Insurance Eligibility, and Moral Hazard," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 15(1), pages 41-56, January.

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