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A structural model of aggregate US job flows: another look

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Author Info
Philipp Schmidt-Dengler (Department of Economics, Yale University, New Haven CT 06511, USA)
Abstract

A recent article (Collard et al., 2002) published in this journal presented a structural model of aggregate job flows. Unrestricted estimation of the model yields parameter estimates that would imply an unemployment rate of 99%. Instead of solving this problem by fixing one of the parameters, as originally attempted by the authors, I add moments regarding the employment rate. The new results call for a re-evaluation of the model. Copyright © 2003 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/jae.702
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File URL: http://qed.econ.queensu.ca:80/jae/2003-v18.1/
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Article provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics.

Volume (Year): 18 (2003)
Issue (Month): 1 ()
Pages: 113-118
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Handle: RePEc:jae:japmet:v:18:y:2003:i:1:p:113-118

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  1. Newey, Whitney K & West, Kenneth D, 1987. "A Simple, Positive Semi-definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix," Econometrica, Econometric Society, vol. 55(3), pages 703-08, May. [Downloadable!] (restricted)
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  2. Fabrice Collard & Patrick Fève & François Langot & Corinne Perraudin, 2002. "A structural model of US aggregate job flows," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 17(3), pages 197-223. [Downloadable!]
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  3. Lee, Bong-Soo & Ingram, Beth Fisher, 1991. "Simulation estimation of time-series models," Journal of Econometrics, Elsevier, vol. 47(2-3), pages 197-205, February. [Downloadable!] (restricted)
  4. Mortensen, Dale T & Pissarides, Christopher A, 1994. "Job Creation and Job Destruction in the Theory of Unemployment," Review of Economic Studies, Blackwell Publishing, vol. 61(3), pages 397-415, July. [Downloadable!] (restricted)
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  5. Wouter J. den Haan & Andrew Levin, 1996. "A Practitioner's Guide to Robust Covariance Matrix Estimation," University of California at San Diego, Economics Working Paper Series 96-17, Department of Economics, UC San Diego. [Downloadable!]
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  6. Cole, Harold L & Rogerson, Richard, 1999. "Can the Mortensen-Pissarides Matching Model Match the Business-Cycle Facts?," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(4), pages 933-59, November.
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  7. Steven J. Davis & John C. Haltiwanger & Scott Schuh, 1998. "Job Creation and Destruction," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262540932, December.
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