dc.contributor.author | Furlanetto, Francesco | |
dc.contributor.author | Groshenny, Nicolas | |
dc.date.accessioned | 2018-05-02T10:52:26Z | |
dc.date.available | 2018-05-02T10:52:26Z | |
dc.date.issued | 2013 | |
dc.identifier.isbn | 978-82-7553-769-8 | |
dc.identifier.issn | 1502-8143 | |
dc.identifier.uri | http://hdl.handle.net/11250/2496691 | |
dc.description.abstract | We investigate the macroeconomic consequences of fluctuations in the effectiveness of the labor-market matching process with a focus on the Great Recession. We conduct our analysis in the context of an estimated medium-scale DSGE model with sticky prices and equilibrium search unemployment that features a shock to the matching efficiency (or mismatch shock). We find that this shock is almost irrelevant for unemployment fluctuations in normal times. However, it plays a somewhat larger role during the Great Recession when it contributes to raise the actual unemployment rate by 1.25 percentage points and the natural rate by 2 percentage points. Moreover, it is the only shock that generates a positive conditional correlation between unemployment and vacancies | nb_NO |
dc.language.iso | eng | nb_NO |
dc.publisher | Norges Bank | nb_NO |
dc.relation.ispartofseries | Working Papers;16/2013 | |
dc.rights | Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal | * |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no | * |
dc.subject | JEL: E32 | nb_NO |
dc.subject | JEL: C51 | nb_NO |
dc.subject | JEL: C52 | nb_NO |
dc.subject | search and matching frictions | nb_NO |
dc.subject | unemployment | nb_NO |
dc.subject | natural rates | nb_NO |
dc.title | Mismatch Shocks and Unemployment During the Great Recession | nb_NO |
dc.type | Working paper | nb_NO |
dc.description.version | publishedVersion | nb_NO |
dc.subject.nsi | VDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212 | nb_NO |
dc.source.pagenumber | 49 | nb_NO |