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Eichenbaum, Martin S. (1)
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2021
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English
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Unemployment volatility
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Wage inertia
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Why is unemployment so countercyclical?
(2021)
Christiano, Lawrence J.
;
Eichenbaum, Martin S.
;
Trabandt, Mathias
We argue that wage inertia plays a pivotal role in allowing empirically plausible variants of the standard search and matching model to account for the large countercyclical response of unemployment to shocks.
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