More on Unemployment and Vacancy Fluctuations

  title={More on Unemployment and Vacancy Fluctuations},
  author={Dale T. Mortensen},
More on Unemployment and Vacancy Fluctuations Shimer (2005a) argues that the Mortensen-Pissarides equilibrium search model of unemployment explains only about 10% of the response in the job-finding rate to an aggregate productivity shock. Some of the recent papers inspired by his critique are reviewed and commented on here. Specifically, we suggest that the sole problem is neither the procyclicality of the wage nor the failure to account fully for the opportunity cost of employment. Although an… CONTINUE READING
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