Showing 1 - 10 of 27
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Shimer (2005) showed that a standard search and matching model of the labor market fails to generate fluctuations of … unemployment and vacancies of the magnitude observed in US data in response to shocks to average labor productivity of plausible … response of unemployment and vacancies to a shock to average labor productivity. In light of these properties, cast in terms of …
Persistent link: https://www.econbiz.de/10005069277
search with observed U.S. time series measures on employment, vacancies, and aggregate output to uncover the cyclical … inversely related to the degree of mismatch in the pool of searching workers and vacancies, given numbers of each, and identify … its movements as scalar shifts in the standard matching function. Given that the model exactly reconciles observed net …
Persistent link: https://www.econbiz.de/10005069225
This paper studies amplification of productivity shocks in labor markets through on-the-job-search. There is incomplete … for on-the-job search. Amplification arises because productivity changes not only affect firms' probability of contacting … labor productivity in the U.S. show that standard deviations for unemployment, vacancies and market tightness (vacancy …
Persistent link: https://www.econbiz.de/10005069313
So far the literature on DSGE models with energy price shocks models energy on the production side only. In these models, energy shocks are responsible for only a negligible share of output fluctuations. We study the robustness of this finding. The aim of our paper is to model the response of...
Persistent link: https://www.econbiz.de/10005069247
The role of credit market imperfections as source of amplification and persistence of temporary exogenous shocks to the economy is widely accepted in the literature. Little attention has been paid to the possibility that credit frictions also generate instability. This paper proposes a theory of...
Persistent link: https://www.econbiz.de/10005069282
Beginning with the seminal work by Kydland and Prescott, standard business cycle theory has credited technology shocks with being a major source of business cycle fluctuations. Unfortunately, these shocks, by their nature, are hard to identify and measure. This paper utilizes new measures of...
Persistent link: https://www.econbiz.de/10005069354
This paper evaluates to what extent the introduction of firing costs can affect the aggregate dynamics of a neoclassical growth model with heterogeneous establishments. Similarly to the previous literature, firing costs are found to have large steady-state effects. However, they have no...
Persistent link: https://www.econbiz.de/10005069476
The real business cycle (RBC) model pioneered by Kydland and Prescott (1982) was a fundamental step to understand business cycles. This literature, in general, claims that aggregate technology shocks are the main ingredient to explain these fluctuations. However, in order to match various...
Persistent link: https://www.econbiz.de/10005069549