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Evaluating the Performance of the Search and Matching Model

Yashiv, Eran - C.E.P.R. Discussion Papers - 2005

specifications of the data on many dimensions, though not on all. This includes capturing the high persistence and high volatility of … most of the key variables, the negative co-variation of unemployment and vacancies, and the behaviour of the worker job … finding rate. A key role in this fit is played by the convexity of hiring costs and the stochastic properties of the …

Persistent link: https://www.econbiz.de/10005124215

Equilibrium Unemployment

Gomes, Joao F; Greenwood, Jeremy; Rebelo, Sérgio - C.E.P.R. Discussion Papers - 1997

A search-theoretic general equilibrium model of frictional unemployment is shown to be consistent with some of the key regularities of unemployment over the business cycle. In the model the return to a job moves stochastically. Agents can choose either to quit and search for a better job, or...

Persistent link: https://www.econbiz.de/10005666661

Search and Matching in Macroeconomics

Yashiv, Eran - C.E.P.R. Discussion Papers - 2006

This paper surveys the use of search and matching models in macroeconomics. It outlines the standard model, discusses its extensions, presents alternative formulations, considers the empirical evidence, and studies applications to macroeconomic questions such as business cycles, growth, and...

Persistent link: https://www.econbiz.de/10005792066

Inefficient employment decisions, entry costs, and the cost of fluctuations

Den Haan, Wouter; Sedlacek, Petr - C.E.P.R. Discussion Papers - 2009

Fluctuations in firms' revenues reduce firms' viability and are costly from a social welfare point of view even when agents are risk neutral if (i) the decision to continue operating a firm is not efficient at the margin so that fluctuations shorten firms' life expectancy (because they increase...

Persistent link: https://www.econbiz.de/10008528536

Trend Breaks, Long-Run Restrictions and the Contractionary Effects of Technology Improvements

Fernald, John - C.E.P.R. Discussion Papers - 2006

Structural vector-autoregressions with long-run restrictions are extraordinarily sensitive to low-frequency correlations. This paper explores this sensitivity analytically and via simulations, focusing on the contentious issue of whether hours worked rise or fall when technology improves. Recent...

Persistent link: https://www.econbiz.de/10005067465

Fair Wages in a New Keynesian Model of the Business Cycle

Danthine, Jean-Pierre; Kurmann, Andre - C.E.P.R. Discussion Papers - 2002

We build a New Keynesian model of the business cycle with sticky prices and real wage rigidities motivated by efficiency wages of the gift exchange variety. Compared to a standard sticky price model, our Fair Wage model provides an explanation for structural employment and generates more...

Persistent link: https://www.econbiz.de/10005067494

Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?

Galí, Jordi - C.E.P.R. Discussion Papers - 1996

Using data for the G7 countries, conditional correlations of employment and productivity are estimated, based on a decomposition of the two series into technology and non-technology components. The picture that emerges is hard to reconcile with the predictions of the standard real business cycle...

Persistent link: https://www.econbiz.de/10005656273

Payroll Taxes, Social Insurance and Business Cycles

Burda, Michael C; Weder, Mark - C.E.P.R. Discussion Papers - 2010

volatility and persistence of vacancies and unemployment. …

Persistent link: https://www.econbiz.de/10008611008

The Brevity and Violence of Contractions and Expansions

McKay, Alisdair; Reis, Ricardo - C.E.P.R. Discussion Papers - 2006

Early studies of business cycles argued that contractions in economic activity were briefer (shorter) and more violent (rapid) than expansions. This paper systematically investigates this claim and in the process discovers a robust new business cycle fact: expansions and contractions in output...

Persistent link: https://www.econbiz.de/10005114328

Worker Replacement

Menzio, Guido; Moen, Espen R - C.E.P.R. Discussion Papers - 2008

of unemployment and vacancies to negative shocks to the aggregate productivity of labor. …

Persistent link: https://www.econbiz.de/10005114426

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