| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26580 |
| 来源ID | Working Paper 26580 |
| Asset Prices and Unemployment Fluctuations | |
| Patrick J. Kehoe; Pierlauro Lopez; Virgiliu Midrigan; Elena Pastorino | |
| 发表日期 | 2019-12-23 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Recent critiques have demonstrated that existing attempts to account for the unemployment volatility puzzle of search models are inconsistent with the procylicality of the opportunity cost of employment, the cyclicality of wages, and the volatility of risk-free rates. We propose a model that is immune to these critiques and solves this puzzle by allowing for preferences that generate time-varying risk over the cycle, and so account for observed asset pricing fluctuations, and for human capital accumulation on the job, consistent with existing estimates of returns to labor market experience. Our model reproduces the observed fluctuations in unemployment because hiring a worker is a risky investment with long-duration surplus flows. Intuitively, since the price of risk in our model sharply increases in recessions as observed in the data, the benefit from creating new matches greatly drops, leading to a large decline in job vacancies and an increase in unemployment of the same magnitude as in the data. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Labor Economics ; Unemployment and Immigration |
| URL | https://www.nber.org/papers/w26580 |
| 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/584254 |
| 推荐引用方式 GB/T 7714 | Patrick J. Kehoe,Pierlauro Lopez,Virgiliu Midrigan,et al. Asset Prices and Unemployment Fluctuations. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26580.pdf（920KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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