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Publisher: Institute for the Study of Labor (IZA) Bonn
Types: Research
Subjects: USA, search and matching model, E32, Konjunkturelle Arbeitslosigkeit, J31, business cycle, Matching, business cycle; search and matching models; wage rigidity, Arbeitsangebot, wage rigidity, search and matching model, business cycle, search model, cyclical properties, wage rigidities, volatility, wages, E24, J41, Lohnrigidität, J64, Wage rigidity, Arbeitsuche, Volatilität, Lohnbildung, Macroeconomics and International Economics, Arbeitslosigkeit, HB
jel: jel:J64, jel:E24, jel:J41, jel:E32, jel:J31, jel:J30
ddc: ddc:330
Shimer (2005) and Hall (2005) have documented the failure of standard labor market search models to match business cycle fluctuations in employment and unemployment. They argue that it is likely that wages are not adjusted as regularly as suggested by the model, which would explain why employment is more volatile than the model predicts. We explore whether this explanation is consistent with the data. The main insight is that the relevant wage data for the search model are not aggregate wages, but wages of newly hired workers. Preliminary results show that wages for those workers are much more volatile than aggregate wages, suggesting that other (real) frictions might be more important than wage stickiness