The Cyclical Behavior of Equilibrium Unemployment and Vacancies Revisited

American Economic Review - Tập 98 Số 4 - Trang 1692-1706 - 2008
Marcus Hagedorn1, Iourii Manovskii2
1Institute for Empirical Research (IEW), University of Zurich, Blümlisalpstrasse 10, CH-8006 Zürich, Switzerland.
2Department of Economics, University of Pennsylvania, 160 McNeil Building, 3718 Locust Walk, Philadelphia, PA, 19104-6297.

Tóm tắt

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 propose a new calibration strategy of the standard model that uses data on the cost of vacancy creation and cyclicality of wages to identify the two key parameters –- the value of nonmarket activity and the bargaining weights. Our calibration implies that the model is consistent with the data. (JEL E24, E32, J31, J63, J64)

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Thông tin
Thông tin xuất bản

American Economic Review

Tập 98 Số 4

1692-1706

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