Why is unemployment so countercyclical?

  • 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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Author:Lawrence J. ChristianoGND, Martin S. EichenbaumGND, Mathias TrabandtORCiDGND
URN:urn:nbn:de:hebis:30:3-630948
DOI:https://doi.org/10.1016/j.red.2021.04.008
ISSN:1096-6099
Parent Title (English):Review of economic dynamics
Publisher:ScienceDirect
Place of publication:Amsterdam [u.a.]
Document Type:Article
Language:English
Date of Publication (online):2021/05/11
Date of first Publication:2021/05/11
Publishing Institution:Universit├Ątsbibliothek Johann Christian Senckenberg
Release Date:2022/08/04
Tag:Unemployment volatility; Wage inertia
Volume:41.2021
Page Number:34
First Page:4
Last Page:37
HeBIS-PPN:502347996
Institutes:Wirtschaftswissenschaften / Wirtschaftswissenschaften
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Sammlungen:Universit├Ątspublikationen
Licence (German):License LogoCreative Commons - Namensnennung 4.0