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The Consequences of Rigid Wages in Search Models
Abstract
Abstract The standard theory of equilibrium unemployment, the Mortensen—Pissarides search and matching model, cannot explain the magnitude of the business cycle fluctuations in two of its central elements, unemployment and vacancies. Modifying the model to make the present value of wages unresponsive to current labor market conditions amplifies fluctuations in unemployment and vacancies by an order of magnitude, significantly improving the performance of the model. Despite this, the welfare consequences of such rigid wages is negligible.
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Citations
Cited by
The Cyclical Behavior of Equilibrium Unemployment and Vacancies Revisited
Hagedorn, M., & Manovskii, I. (2008) · American Economic Review · doi:10.1257/aer.98.4.1692 · Cited by 1,046
Do Recessions Accelerate Routine-Biased Technological Change? Evidence from Vacancy Postings
Hershbein, B., & Kahn, L. B. (2018) · American Economic Review · doi:10.1257/aer.20161570 · Cited by 573
Recessions and the Costs of Job Loss
Davis, S. J., & von Wachter, T. (2011) · Brookings Papers on Economic Activity · doi:10.1353/eca.2011.0016 · Cited by 533
An Estimated Monetary DSGE Model with Unemployment and Staggered Nominal Wage Bargaining
GERTLER, M., SALA, L., & TRIGARI, A. (2008) · Journal of Money, Credit and Banking · doi:10.1111/j.1538-4616.2008.00180.x · Cited by 454
Job Loss, Job Finding, and Unemployment in the U.S. Economy over the Past Fifty Years
Hall, R. E. (2005) · NBER Macroeconomics Annual · doi:10.1086/ma.20.3585415 · Cited by 293
Metadata
- Authors
- Shimer, R.
- Venue
- Journal of the European Economic Association
- Publisher
- Oxford University Press (OUP)
- Published
- 2004-05-01
- Volume
- 2
- Issue
- 2-3
- Pages
- 469-479
- ISSN
- 1542-4766 (ISSN-L)
- 1542-4774
- OpenAlex
- W2078584013
- Cited by
- 230
- References
- 0
- FWCI
- 26.87
- Type
- journal article
- Language
- en
- Open access
- closed
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