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This paper puts search frictions models under novel empirical scrutiny and tests their ability to match empirical observations. To capture changing dynamics we fit an extended Bayesian time-varying parameter VAR to US labour market data from 1962–2016. Our results indicate that these models...
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This paper explores the decomposition of equilibrium unemployment into involuntary and frictional components using a model that combines efficiency wages with search and matching frictions in the labour market. In deriving our results we generalize the celebrated Solow Condition, expressing the...
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