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Can the Matching Model Account for Spanish Unemployment ?

  • Fonseca, Raquel

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

  • Muñoz, Rafael

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

This paper aims at explaining the dynamics of labor markets in Spain, especially the high persistence of unemployment and the Beveridge curve. We build a stochastic dynamic general equilibrium matching model, which assumes failures in the matching between vacancies and unemployed. We calibrate the model for the Spanish economy and simulate it considering two sources of exogenous shocks: a technological one and a reallocation one. The model is able to mimic the main stylized facts for the Spanish labor market. Moreover, we show that reallocation shocks are the main source that drive the labor market dynamics. We also analyze the dynamics of the Beveridge curve for Spain.

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Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) with number 1999012.

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Length: 17
Date of creation: 01 Jan 1999
Date of revision:
Handle: RePEc:ctl:louvir:1999012
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  17. Hosios, Arthur J, 1990. "On the Efficiency of Matching and Related Models of Search and Unemployment," Review of Economic Studies, Wiley Blackwell, vol. 57(2), pages 279-98, April.
  18. Danthine, Jean-Pierre & Donaldson, John B., 1990. "Efficiency wages and the business cycle puzzle," European Economic Review, Elsevier, vol. 34(7), pages 1275-1301, November.
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  20. François LANGOT & Muriel PUCCI, 1996. "Participation, unemployment and wage bargaining in a real business cycle model," Discussion Papers (REL - Recherches Economiques de Louvain) 1996034, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
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  23. Chéron, A. & Langot, François, 1999. "The Phillips and Beveridge curves revisited," CEPREMAP Working Papers (Couverture Orange) 9905, CEPREMAP.
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