Gautier, Pieter; Teulings, Coen N. - 2012
. This model yields a simple relationshipbetween (i) the unemployment rate, (ii) the value of non-market time, and (iii … andallow for measurement error. The estimated wage dispersion and mismatch for theUS is consistent with an unemployment rate of … 5%. Finally, we find that withoutsearch frictions, output would be 6.6% higher. …