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Contribution Details
| Type | Working Paper |
| Scope | Discipline-based scholarship |
| Title | The Cyclical Behavior of Equilibrium Unemployment and Vacancies Revisited |
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| Institution | University of Zurich |
| Series Name | Working paper series / Institute for Empirical Research in Economics |
| Number | No. 351 |
| ISSN | 1424-0459 |
| Date | 2007 |
| Abstract Text | 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 use data on the cost of vacancy creation and cyclicality of wages to identify the two key parameters of the model - the value of non-market activity and the bargaining weights. Our calibration implies that the model is, in fact, consistent with the data. |
| Official URL | http://www.econ.uzh.ch/wp.html |
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