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Structural and Cyclical Forces in the Labor Market During the Great Recession : Cross-Country Evidence
Sala, Luca - 2012
We use an estimated monetary business cycle model with search and matching frictions in the labor market and nominal … factors and reduced efficiency in labor market matching were largely responsible for the experience in the U.S. Financial … factors were also important in the U.K., but less so in Sweden and Germany. Reduced matching efficiency was considerably less …
Persistent link: https://www.econbiz.de/10013099824
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The Consumption-Tightness Puzzle
Ravn, Morten O. - 2021
This paper introduces a labor force participation choice into a labor market matching model embedded in a dynamic …
Persistent link: https://www.econbiz.de/10013311899
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An Equilibrium Asset Pricing Model with Labor Market Search
Kuehn, Lars-Alexander - 2012
Search frictions in the labor market help explain the equity premium in the financial market. We embed the Diamond-Mortensen-Pissarides search framework into a dynamic stochastic general equilibrium model with recursive preferences. The model produces a sizeable equity premium of 4.54% per annum...
Persistent link: https://www.econbiz.de/10013112419
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Search in Macroeconomic Models of the Labor Market
Rogerson, Richard - 2010
This chapter assesses how models with search frictions have shaped our understanding of aggregate labor market outcomes in two contexts: business cycle fluctuations and long-run (trend) changes. We first consolidate data on aggregate labor market outcomes for a large set of OECD countries. We...
Persistent link: https://www.econbiz.de/10013144962
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High Discounts and High Unemployment
Hall, Robert E. - 2014
In recessions, all types of investment fall, including employers' investment in job creation. The stock market falls more than in proportion to corporate profit. The discount rate implicit in the stock market rises, and discounts for other claims on business income also rise. According to the...
Persistent link: https://www.econbiz.de/10013059756
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Revisiting the Hypothesis of High Discounts and High Unemployment
Martellini, Paolo; Menzio, Guido; Visschers, Ludo - 2022
We revisit the hypothesis that cyclical fluctuations in unemployment are caused by shocks to the discount rate. We use a rich search-theoretic model of the labor market in which the UE, EU and EE rates are all endogenous. Analytically, we show that an increase in the discount rate lowers the UE...
Persistent link: https://www.econbiz.de/10013310585
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Identification of Search Models with Initial Condition Problems
Barlevy, Gadi; Nagaraja, H.N - 2021
This paper extends previous work on the identification of search models in which observed worker productivity is imperfectly observed. In particular, it establishes that these models remain identified even when employment histories are left-censored (i.e. we do not get to follow workers from...
Persistent link: https://www.econbiz.de/10013210548
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Labor Market Search and Optimal Retirement Policy
Bhattacharya, Joydeep; Mulligan, Casey B.; Reed III, … - 2021
A popular view about social security, dating back to its early days of inception, is that it is a means for young, unemployed workers to 'purchase' jobs from older, employed workers. The question we ask is: Can social security, by encouraging retirement and hence creating job vacancies for the...
Persistent link: https://www.econbiz.de/10013222232
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The Cyclical Behavior of Equilibrium Unemployment and Vacancies : Evidence and Theory
Shimer, Robert - 2021
This paper argues that a broad class of search models cannot generate the observed business-cycle-frequency fluctuations in unemployment and job vacancies in response to shocks of a plausible magnitude. In the U.S., the vacancy-unemployment ratio is 20 times as volatile as average labor...
Persistent link: https://www.econbiz.de/10013218505
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Complementarity and Aggregate Implications of Assortative Matching : A Nonparametric Analysis
Graham, Bryan S. - 2010
, potentially complementary, input fixed. We introduce a class of such reallocations -- correlated matching rules -- that includes … the status quo allocation, a random allocation, and both the perfect positive and negative assortative matching …
Persistent link: https://www.econbiz.de/10012757581