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Matching Models Under Scrutiny : Understanding the Shimer Puzzle
Gabriele, CARDULLO - Institut de Recherche Économique et Sociale (IRES), … - 2008
Two papers have recently questioned the quantitative consistency of the search and matching models. Shimer (2005) has … argued that a text-book matching model is unable to explain the cyclical variation of unemployment and vacancies in the U …
Persistent link: https://www.econbiz.de/10004984783
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Search Frictions on Product and Labor markets : Money in the Matching Function
Etienne, LEHMANN; Bruno, VAN DER LINDEN - Institut de Recherche Économique et Sociale (IRES), … - 2007
selling their production and this affects their decisions to create jobs. Due to search-frictins on the product market … their Competitive Search Equilibrium values, the unemployment rate is minimized. Yet, the Competitive Search Equilibrium is …
Persistent link: https://www.econbiz.de/10004984870
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Skilled and Unskilled Employment in a Spanish Business Cycle Model
Muñoz, Rafael - Institut de Recherche Économique et Sociale (IRES), … - 1999
We analyze to what extent skill heterogeneity in the labor market with different wage formation mechanisms can explain the features of the Spanish labor market. The model assumes two types of workers with differences in skills. Skilled labor sets wages in an efficiency way while unskilled labor...
Persistent link: https://www.econbiz.de/10004985274
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A Theory of Targeted Search
Restrepo-Echavarria, Paulina; Cheremukhin, Anton A.; … - Federal Reserve Bank of St. Louis - 2013
resides in between the random matching and the directed search outcomes. The equilibrium that emerges from this middle ground …We present a theory of targeted search, where people with a finite information processing capacity search for a match … is inefficient relative to the constrained Pareto allocation. Our theory encompasses the outcomes of the random matching …
Persistent link: https://www.econbiz.de/10010951612
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Matching and Saving in Continuous Time: Theory
BAYER, Christian; WALDE, Klaus - Institut de Recherche Économique et Sociale (IRES), … - 2010
We analyse optimal saving of risk-averse households when labour income stochastically jumps between two states. The generalized Keynes-Ramsey rule includes a precautionary savings term. A phase diagram analysis illustrates consumption and wealth dynamics within and between states. There is an...
Persistent link: https://www.econbiz.de/10008505490
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Job Turnover, Unemployment and Labor Market Institutions
Gilles, Joseph; Pierrard, Olivier; Sneessens, Henri R. - Institut de Recherche Économique et Sociale (IRES), … - 2003
. We construct an intertemporal general equilibrium model with search unemployment and endogenous job turnover, and examine …
Persistent link: https://www.econbiz.de/10004985118
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Housework and Fiscal Expansions
Gnocchi, Stefano; Hauser, Daniela; Pappa, Evi - Bank of Canada - 2014
We build an otherwise-standard business cycle model with housework, calibrated consistently with data on time use, in order to discipline consumption-hours complementarity and relate its strength to the size of fiscal multipliers. We show that if substitutability between home and market goods is...
Persistent link: https://www.econbiz.de/10010885042
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Changing Labour Market Participation Since the Great Recession: A Regional Perspective
Cheung, Calista; Granovsky, Dmitry; Velasco, Gabriella - Bank of Canada - 2015
This paper discusses broad trends in labour force participation and part-time employment across different age groups since the Great Recession and uses provincial data to identify changes related to population aging, cyclical effects and other factors. The main population age groups examined are...
Persistent link: https://www.econbiz.de/10011253081
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A State-Level Analysis of the Great Moderation
Owyang, Michael T.; Piger, Jeremy; Wall, Howard J. - Society for Computational Economics - SCE; Federal … - 2006
A number of studies have documented a reduction in aggregate macroeconomic volatility beginning in the early 1980s. Using an empirical model of business cycles, we extend this line of research to state-level employment data, find significant heterogeneity in the timing and magnitude of the...
Persistent link: https://www.econbiz.de/10005342964
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The Macroeconomic Effects of Non-Zero Trend Inflation
Amano, Robert; Ambler, Steve; Rebei, Nooman - Bank of Canada - 2006
The authors study the macroeconomic effects of non-zero trend inflation in a simple dynamic stochastic general-equilibrium model with sticky prices. They show that trend inflation leads to a substantial reduction in the stochastic means of output, consumption, and employment. It also leads to an...
Persistent link: https://www.econbiz.de/10005673258