Endogenous Separations, Wage Rigidities, and Unemployment Volatility
نویسندگان
چکیده
We show that in microdata, as well a search and matching model with flexible wages for new hires, wage rigidities of incumbent workers have substantial effects on separations unemployment volatility. Allowing an empirically relevant degree drives volatility the vacancies tightness to data. Thus, rigidity newly hired is not sufficient statistic determining effect macroeconomic outcomes. This finding affects interpretation large empirical literature rigidities. (JEL E24, J23, J31, J41, J63)
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ژورنال
عنوان ژورنال: American Economic Journal: Macroeconomics
سال: 2022
ISSN: ['1945-7707', '1945-7715']
DOI: https://doi.org/10.1257/mac.20180314