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The cyclical behavior of equilibrium unemployment and vacancies revisited

  • Hagedorn, Marcus
  • Manovskii, Iourii

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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Paper provided by European Central Bank in its series Working Paper Series with number 0853.

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Date of creation: Jan 2008
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Handle: RePEc:ecb:ecbwps:20080853
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  1. Christopher A. Pissarides, 1992. "Search Unemployment with on-the-job Search," CEP Discussion Papers dp0074, Centre for Economic Performance, LSE.
  2. 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.
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  1. The Cyclical Behavior of Equilibrium Unemployment and Vacancies Revisited (AER 2008) in ReplicationWiki

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