G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16639
DP16639 The Unemployment-Risk Channel in Business-Cycle Fluctuations
Tobias Broer; Jeppe Drudahl; Karl Harmenberg; Erik Öberg
发表日期2021-10-15
出版年2021
语种英语
摘要We quantify the unemployment-risk channel in business-cycle fluctuations, whereby an initial contractionary shock is amplified through workers reducing their demand in fear of unemployment. We document two stylized facts on how unemployment and unemployment risk respond to identified demand and supply shocks in US data. First, separation and job-finding rates play similar important roles in accounting for the overall unemployment response. Second, separations are more important early on, while job-finding rates respond with a lag. We show how a tractable heterogeneous-agent new-Keynesian model with a frictional labor market matches both facts once we include endogenous separations and sluggish vacancy creation. Relative to a model with exogenous separations and free entry, our framework attributes almost twice as large a share of output fluctuations to the inefficient unemployment-risk channel, and thus gives a larger role to stabilization policy.
主题Monetary Economics and Fluctuations
关键词Hank Search and matching Unemployment risk Business cycles
URLhttps://cepr.org/publications/dp16639
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/545579
推荐引用方式
GB/T 7714
Tobias Broer,Jeppe Drudahl,Karl Harmenberg,et al. DP16639 The Unemployment-Risk Channel in Business-Cycle Fluctuations. 2021.
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