The Cyclical Behavior of Equilibrium Unemployment and Vacancies Revisited
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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| Length: | |
| Date of creation: | 2005 |
| Date of revision: | |
| Handle: | RePEc:red:sed005:460 |
| Contact details of provider: | Postal: Fax: 1-314-444-8731 Web page: http://www.EconomicDynamics.org/society.htmEmail: More information through EDIRC
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Michael J. Pries, 2004.
"Persistence of Employment Fluctuations: A Model of Recurring Job Loss,"
Review of Economic Studies,
Oxford University Press, vol. 71(1), pages 193-215.
- 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.
- Pissarides, Christopher A, 1994.
"Search Unemployment with On-the-Job Search,"
Review of Economic Studies,
Wiley Blackwell, vol. 61(3), pages 457-75, July.
- Christopher A. Pissarides, 1992. "Search Unemployment with on-the-job Search," CEP Discussion Papers dp0074, Centre for Economic Performance, LSE.
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