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Search in Macroeconomic Models of the Labor Market

  • Richard Rogerson
  • Robert Shimer

This chapter assesses how models with search frictions have shaped our understanding of aggregate labor market outcomes in two contexts: business cycle fluctuations and long-run (trend) changes. We first consolidate data on aggregate labor market outcomes for a large set of OECD countries. We then ask how models with search improve our understanding of these data. Our results are mixed. Search models are useful for interpreting the behavior of some additional data series, but search frictions per se do not seem to improve our understanding of movements in total hours at either business cycle frequencies or in the long-run. Still, models with search seem promising as a framework for understanding how different wage setting processes affect aggregate labor market outcomes.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 15901.

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Date of creation: Apr 2010
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Publication status: published as Search in Macroeconomic Models of the Labor Market,” 2010, wit h Richard Rogerson, Handbook of Labor Economics , volume 4A, edited by Orley Ashenfelter and David Card, 619–700.
Handle: RePEc:nbr:nberwo:15901
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