| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16639 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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