G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w26580
来源IDWorking 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
URLhttps://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
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Patrick J. Kehoe]的文章
[Pierlauro Lopez]的文章
[Virgiliu Midrigan]的文章
百度学术
百度学术中相似的文章
[Patrick J. Kehoe]的文章
[Pierlauro Lopez]的文章
[Virgiliu Midrigan]的文章
必应学术
必应学术中相似的文章
[Patrick J. Kehoe]的文章
[Pierlauro Lopez]的文章
[Virgiliu Midrigan]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w26580.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。