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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 use data on the cost of vacancy creation and cyclicality of wages to identify the two key parameters of the model - the value of non-market activity and the bargaining weights. Our calibration implies that the model is, in fact, consistent with the data. JEL Classification: E24, E32, J41, J63, J64

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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2005 Meeting Papers with number 460.

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Date of creation: 2005
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Handle: RePEc:red:sed005:460

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  1. Michael J. Pries, 2004. "Persistence of Employment Fluctuations: A Model of Recurring Job Loss," Review of Economic Studies, Wiley Blackwell, vol. 71(1), pages 193-215, 01.
  2. Christopher A. Pissarides, 1992. "Search Unemployment with on-the-job Search," CEP Discussion Papers dp0074, Centre for Economic Performance, LSE.
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  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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