Replication data for: The Cyclical Behavior of Equilibrium Unemployment and Vacancies Revisited
Principal Investigator(s): View help for Principal Investigator(s) Marcus Hagedorn; Iourii Manovskii
Version: View help for Version V1
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text/plain | 14.6 KB | 10/12/2019 04:35:AM |
Project Citation:
Hagedorn, Marcus, and Manovskii, Iourii. Replication data for: The Cyclical Behavior of Equilibrium Unemployment and Vacancies Revisited. Nashville, TN: American Economic Association [publisher], 2008. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113265V1
Project Description
Summary:
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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 nonmarket activity and the bargaining weights. Our calibration implies that the model is consistent with the data. (JEL E24, E32, J31, J63, J64)
Scope of Project
JEL Classification:
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E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
E32 Business Fluctuations; Cycles
J31 Wage Level and Structure; Wage Differentials
J63 Labor Turnover; Vacancies; Layoffs
J64 Unemployment: Models, Duration, Incidence, and Job Search
E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
E32 Business Fluctuations; Cycles
J31 Wage Level and Structure; Wage Differentials
J63 Labor Turnover; Vacancies; Layoffs
J64 Unemployment: Models, Duration, Incidence, and Job Search
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