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The Cyclical Behavior of Equilibrium Unemployment and Vacancies : Evidence and Theory
Shimer, Robert - 2003
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/10012469164
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Labor Market Search With Imperfect Information and Learning
Conlon, John - 2018
We investigate the role of information frictions in the US labor market using a new nationally representative panel dataset on individuals' labor market expectations and realizations. We find that expectations about future job offers are, on average, highly predictive of actual outcomes. Despite...
Persistent link: https://www.econbiz.de/10012480641
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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/10012460916
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The Cyclical Behavior of Equilibrium Unemployment and Vacancies in the US and Europe
Justiniano, Alejandro - 2011
We set-up a real business cycle model with search and matching frictions driven by several shocks, which nests full Nash Bargaining and wage rigidity as special cases and includes other transmission mechanisms suggested by the literature for the propagation and amplification of disturbances. The...
Persistent link: https://www.econbiz.de/10012461229
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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/10012462750
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Block Recursive Equilibria for Stochastic Models of Search on the Job
Menzio, Guido - 2009
In this paper, we develop a general stochastic model of directed search on the job. Like in the analogous models of random search on the job, the state of the economy in our model includes the infinite-dimensional distribution of workers across different employment states (unemployment, and...
Persistent link: https://www.econbiz.de/10012463741
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Efficient Search on the Job and the Business Cycle
Menzio, Guido - 2009
We build a directed search model of the labor market in which workers' transitions between unemployment, employment, and across employers are endogenous. We prove the existence, uniqueness and efficiency of a recursive equilibrium with the property that the distribution of workers across...
Persistent link: https://www.econbiz.de/10012463742
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Identification of Search Models with Initial Condition Problems
Barlevy, Gadi - 2006
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/10012466528
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Directed Search over the Life Cycle
Menzio, Guido - 2012
We develop a life-cycle model of the labor market in which different worker-firm matches have different quality and the assignment of the right workers to the right firms is time consuming because of search and learning frictions. The rate at which workers move between unemployment, employment...
Persistent link: https://www.econbiz.de/10012255173
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Labor Market Status of Older Males in the United States, 1880-1940
Lee, Chulhee - 2003
how the extent of pressure toward retirement varied across different occupations, and how it changed over time. A … comparison of hazard of retirement across occupations shows that men who had better occupations in terms of economic status and … that retirement was more voluntary than forced as early as a century ago. The difficulty faced by older workers in the …
Persistent link: https://www.econbiz.de/10012469150