Mismatch Shocks and Unemployment During the Great Recession

被引:29
作者
Furlanetto, Francesco [1 ]
Groshenny, Nicolas [2 ,3 ]
机构
[1] Norges Bank, Bankplassen 2,PB 1179 Sentrum, N-0107 Oslo, Norway
[2] Univ Adelaide, Sch Econ, Adelaide, SA, Australia
[3] Australian Natl Univ, CAMA, Canberra, ACT, Australia
关键词
MONETARY-POLICY; CYCLICAL BEHAVIOR; SECTORAL SHIFTS; BUSINESS CYCLES; SEARCH; INFLATION; VACANCIES; FRICTIONS; MODEL;
D O I
10.1002/jae.2498
中图分类号
F [经济];
学科分类号
02 ;
摘要
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 dynamic stochastic general equilibrium 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 not important 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 around 1.3 percentage points and the natural rate by around 2 percentage points. The mismatch shock is the dominant driver of the natural rate of unemployment and explains part of the recent shift of the Beveridge curve. Copyright (c) 2016 John Wiley & Sons, Ltd.
引用
收藏
页码:1197 / 1214
页数:18
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