Campolmi, Alessia; Gnocchi, Stefano - 2011
paper is threefold: first, we show that the model provides a good fit for employment and unemployment volatility, as well as … participation volatility and its correlation with output for US data. Second, we show that in such a model, and contrary to a model … volatility of employment and unemployment. Finally, we show the role of search costs in shaping those results. …