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The cyclical behavior of equilibrium unemployment and vacancies revisited


Hagedorn, Marcus; Manovskii, Iourii (2008). The cyclical behavior of equilibrium unemployment and vacancies revisited. American Economic Review, 98(4):1692-1706.

Abstract

Recently, a number of authors have argued that the standard search model cannot generate the observed business-cycle-frequency fluctuations in unemployment and job vacancies, given shocks of a plausible magnitude. We propose a new calibration strategy of the standard model that uses data on the cost of vacancy creation and cyclicality of wages to identify the two key parameters - the value of nonmarket activity and the bargaining weights. Our calibration implies that the model is consistent with the data.

Abstract

Recently, a number of authors have argued that the standard search model cannot generate the observed business-cycle-frequency fluctuations in unemployment and job vacancies, given shocks of a plausible magnitude. We propose a new calibration strategy of the standard model that uses data on the cost of vacancy creation and cyclicality of wages to identify the two key parameters - the value of nonmarket activity and the bargaining weights. Our calibration implies that the model is consistent with the data.

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191 citations in Web of Science®
214 citations in Scopus®
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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Banking and Finance
03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Language:English
Date:September 2008
Deposited On:29 Jan 2009 16:49
Last Modified:05 Apr 2016 12:51
Publisher:American Economic Association
ISSN:0002-8282
Publisher DOI:https://doi.org/10.1257/aer.98.4.1692
Official URL:http://www.atypon-link.com/AEAP/doi/pdf/10.1257/aer.98.4.1692

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