全球智库信息集成服务系统(G2TT): More on Unemployment and Vacancy Fluctuations

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w11692
来源ID	Working Paper 11692
	More on Unemployment and Vacancy Fluctuations
	Dale T. Mortensen; Eva Nagypal
发表日期	2005-10-10
出版年	2005
语种	英语
摘要	Shimer (2005a) argues that the Mortensen-Pissarides equilibrium search model of unemployment explains only about 10% of the response in the job-finding rate to an aggregate productivity shock. Some of the recent papers inspired by his critique are reviewed and commented on here. Specifically, we suggest that the sole problem is neither the procyclicality of the wage nor the failure to account fully for the opportunity cost of employment. Although an amended version of the model, one that accounts for capital costs and counter cyclic involuntary separations, does much better, it still explains only 40% of the observed volatility of the job-finding rate. Finally, allowing for on-the-job search does not improve the amended models implications for the amplification of productivity shocks.
主题	Macroeconomics ; Consumption and Investment ; Financial Economics ; Labor Economics
URL	https://www.nber.org/papers/w11692
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/569338
推荐引用方式 GB/T 7714	Dale T. Mortensen,Eva Nagypal. More on Unemployment and Vacancy Fluctuations. 2005.