The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
The Unemployment Volatility Puzzle: Is Wage Stickiness the Answer?
Abstract
I discuss the failure of the canonical search and matching model to match the cyclical volatility in the job finding rate. I show that job creation in the model is influenced by wages in new matches. I summarize microeconometric evidence and find that wages in new matches are volatile and consistent with the model's key predictions. Therefore, explanations of the unemployment volatility puzzle have to preserve the cyclical volatility of wages. I discuss a modification of the model, based on fixed matching costs, that can increase cyclical unemployment volatility and is consistent with wage flexibility in new matches.
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Citations
Cites
Employment Fluctuations with Equilibrium Wage Stickiness
Hall, R. E. (2005) · American Economic Review · doi:10.1257/0002828053828482 · Cited by 1,439
Cited by
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
Who Profits from Patents? Rent-Sharing at Innovative Firms*
Kline, P., Petkova, N., Williams, H., & Zidar, O. (2019) · The Quarterly Journal of Economics · doi:10.1093/qje/qjz011 · Cited by 384
Imperfect Competition in the Labor Market
Alan, M. (2011) · Handbook of Labor Economics · doi:10.1016/s0169-7218(11)02409-9 · Cited by 329
Household Debt Overhang and Unemployment
DONALDSON, J. R., PIACENTINO, G., & THAKOR, A. (2019) · The Journal of Finance · doi:10.1111/jofi.12760 · Cited by 74
Metadata
- Venue
- Econometrica
- Publisher
- The Econometric Society
- Published
- 2009
- Volume
- 77
- Issue
- 5
- Pages
- 1339-1369
- ISSN
- 0012-9682 (ISSN-L)
- OpenAlex
- W2119374980
- Cited by
- 792
- References
- 1
- FWCI
- 139.80
- Type
- journal article
- Language
- en
- Open access
- closed
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