Business cycles, unemployment insurance and the calibration of matching models
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- dc.contributor.author Costain, James S.ca
- dc.contributor.author Reiter, Michaelca
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2017-07-26T10:50:27Z
- dc.date.available 2017-07-26T10:50:27Z
- dc.date.issued 2003-06-01
- dc.date.modified 2017-07-23T02:09:40Z
- dc.description.abstract This paper theoretically and empirically documents a puzzle that arises when an RBC economy with a job matching function is used to model unemployment. The standard model can generate sufficiently large cyclical fluctuations in unemployment, or a sufficiently small response of unemployment to labor market policies, but it cannot do both. Variable search and separation, finite UI benefit duration, efficiency wages, and capital all fail to resolve this puzzle. However, either sticky wages or match-specific productivity shocks can improve the model's performance by making the firm's flow of surplus more procyclical, which makes hiring more procyclical too.
- dc.format.mimetype application/pdfca
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=872
- dc.identifier.uri http://hdl.handle.net/10230/789
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 872
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword real business cycles
- dc.subject.keyword matching function
- dc.subject.keyword unemployment insurance
- dc.subject.keyword Macroeconomics and International Economics
- dc.title Business cycles, unemployment insurance and the calibration of matching modelsca
- dc.type info:eu-repo/semantics/workingPaper