Braun, Helge; Bock, Reinout De; DiCecio, Riccardo - Federal Reserve Bank of St. Louis - 2007
We use structural vector autoregressions to analyze the responses of worker flows, job flows, vacancies, and hours to shocks. We identify demand and supply shocks by restricting the short-run responses of output and the price level. On the demand side we disentangle a monetary and non-monetary...