The cYclical behavior of eqUilibriUm UnemPloYmenT and vacancieS reviSiTed
نویسنده
چکیده
Recently, a number of authors have argued that the standard search model cannot generate the observed business-cycle-frequency fluctuations in unemployment and job vacancies, given shocks of a plausible magnitude. We propose a new calibration strategy of the standard model that uses data on the cost of vacancy creation and cyclicality of wages to identify the two key parameters the value of non-market activity and the bargaining weights. Our calibration implies that the model is consistent with the data. JEL Classification: E24, E32, J41, J63, J64
منابع مشابه
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