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The Cyclical Behavior of Equilibrium Unemployment and Vacancies Revisited

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Author Info

  • 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.

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Bibliographic Info

Paper provided by Institute for Empirical Research in Economics - University of Zurich in its series IEW - Working Papers with number 351.

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Date of creation: Dec 2007
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Handle: RePEc:zur:iewwpx:351

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Keywords: Search; Matching; Business Cycles; Labor Markets;

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  1. Pissarides, Christopher A, 1994. "Search Unemployment with On-the-Job Search," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 61(3), pages 457-75, July.
  2. Michael J. Pries, 2004. "Persistence of Employment Fluctuations: A Model of Recurring Job Loss," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 71(1), pages 193-215, 01.
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As found by EconAcademics.org, the blog aggregator for Economics research:
  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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