Aufsatz(elektronisch)1. August 2008
The Cyclical Behavior of Equilibrium Unemployment and Vacancies Revisited
In: American economic review, Band 98, Heft 4, S. 1692-1706
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Abstract
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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