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The Fundamental Surplus Strikes Again

Author

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  • Ljungqvist, Lars
  • Sargent, Thomas

Abstract

The fundamental surplus isolates parameters that determine how sensitively unemployment respond to productivity shocks in the matching models of Christiano, Eichenbaum and Trabandt (2016 and forthcoming) under either Nash bargaining or alternating-offer bargaining. Those models thus join a collection of models in which diverse forces are intermediated through the fundamental surplus.

Suggested Citation

  • Ljungqvist, Lars & Sargent, Thomas, 2021. "The Fundamental Surplus Strikes Again," CEPR Discussion Papers 16077, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:16077
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    2. Rich Ryan, 2025. "Credit-Market Cyclicality and Unemployment Volatility," JRFM, MDPI, vol. 18(9), pages 1-30, August.
    3. Tsasa, Jean-Paul K., 2022. "Labor market volatility in a fully specified RBC search model: An analytical investigation," Journal of Mathematical Economics, Elsevier, vol. 103(C).
    4. Consolo, Agostino & Hänsel, Matthias, 2024. "HANK faces unemployment," Working Paper Series 2953, European Central Bank.
    5. Rich Ryan, 2024. "Unemployment volatility: When workers pay costs upon accepting jobs," International Journal of Economic Theory, The International Society for Economic Theory, vol. 20(3), pages 303-333, September.
    6. Nakamura, Daisuke, 2024. "Is part-time employment an adjusting valve?: Business cycle analysis on the labor market in Japan by dual search and matching model," Japan and the World Economy, Elsevier, vol. 71(C).
    7. Bingsong Wang, 2023. "The fundamental surplus revisited," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 1-15, December.

    More about this item

    Keywords

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    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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