States at business cycle frequency. That being so,it can also generate large procyclical fluctuations in the vacancy-unemployment … ratio. This results from two plausible explanations, namely heterogeneity in households preferences and unemployment …

. Thus, such reforms are not sufficient by themselves to reduce the unemployment rate and to stimulate production and …

shock in the [search and matching] model.” On the other, starting from Galì (1999) empirical evidence about the reaction of … employment to a neutral positive technological shock seems to indicate a recessionary effect in the short term, thus casting … presents two distinctive features: employment decreases after a positive technological shock and the calibration strategy in …

question standard RBC models in which a positive technology shock leads to a rise in hours. In this paper, we estimate and test …

unemployment that are in line with the data. We show that both the endogenous movements in the firms’ discount factor and the …

shock-, (iii) liquidity shocks are private information - they cannot be diversified away-. Under these assumptions, the … (i) the individual probability of the liquidity shock is lower, (ii) ex ante competition between banks on illiquid long …