Work, Rest, and Search: Unemployment, Turnover, and the Cycle

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Work, Rest, and Search: Unemployment, Turnover, and the Cycle

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Jovanovic, Boyan

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Boyan Jovanovic

Abstract

This paper presents a model that generates procyclical search, procyclical labor productivity, and countercyclical unemployment broadly consistent with the actual behavior of these time series. Concretely, the model introduces an aggregate shock into the sectoral demand-shift model of the type analyzed by Robert Lucas and Edward Prescott. If aggregate shocks operate multiplicatively and are autocorrelated, the payoff to unemployed search can be procyclical to an extent large enough to offset the productive losses associated with search that also are procyclical. Copyright 1987 by University of Chicago Press.

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Article provided by University of Chicago Press in its journal Journal of Labor Economics.

Volume (Year): 5 (1987)
Issue (Month): 2 (April)
Pages: 131-48
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Handle: RePEc:ucp:jlabec:v:5:y:1987:i:2:p:131-48

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Jeremy Greenwood & Nezih Guner, 2004. "Marriage and Divorce since World War II: Analyzing the Role of Technological Progress on the Formation of Households," Economie d'Avant Garde Research Reports 8, Economie d'Avant Garde, revised Apr 2008. [Downloadable!]
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- Nezih Guner & Jeremy Greenwood, 2004. "Marriage and Divorce since World War II: Analyzing the Role of Technological Progress on the Formation of Households," 2004 Meeting Papers 65, Society for Economic Dynamics. [Downloadable!]
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- Greenwood, Jeremy & Guner, Nezih, 2008. "Marriage and Divorce since World War II: Analyzing the Role of Technological Progress on the Formation of Households," IZA Discussion Papers 3313, Institute for the Study of Labor (IZA). [Downloadable!]
- Greenwood, Jeremy & Guner, Nezih, 2007. "Marriage and Divorce since World War II: Analyzing the Role of Technological Progress on the Formation of Households," CEPR Discussion Papers 6391, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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Fernando Alvarez & Robert Shimer, 2008. "Search and Rest Unemployment," NBER Working Papers 13772, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Joao Gomes & Jeremy Greenwood & Sergio Rebelo, 1997. "Equilibrium Unemployment," NBER Working Papers 5922, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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- Joao Gomes & Jeremy Greenwood & Sergio T. Rebelo, 2001. "Equilibrium Unemployment," RCER Working Papers 479, University of Rochester - Center for Economic Research (RCER). [Downloadable!]
- Gomes, Joao F & Greenwood, Jeremy & Rebelo, Sérgio, 1997. "Equilibrium Unemployment," CEPR Discussion Papers 1602, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
- Gomes, Joao & Greenwood, Jeremy & Rebelo, Sergio, 2001. "Equilibrium unemployment," Journal of Monetary Economics, Elsevier, vol. 48(1), pages 109-152, August. [Downloadable!] (restricted)
Andrew Caplin & John Leahy, 1994. "Mass Layoffs and Unemployment," NBER Working Papers 4766, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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- Caplin, A. & Leahy, J., 1993. "Mass Layoffs and Unemployment," Discussion Papers 1993_18, Columbia University, Department of Economics.
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- Jeremy Greenwood & Nezih Guner, 2006. "Social Change," 2006 Meeting Papers 79, Society for Economic Dynamics. [Downloadable!]
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Yann Algan & Arnaud Cheron & Jean-Olivier Hairault & Francois Langot, 2003. "Wealth Effect on Labor Market Transitions," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(1), pages 156-178, January. [Downloadable!] (restricted)

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