文章基本信息

标题：The Unemployment Volatility Puzzle: Is Wage Stickiness the Answer?
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作者：Christopher A. Pissarides
期刊名称：CEP Discussion Paper
出版年度：2007
卷号：2007
期号：nov
出版社：Centre for Economic Performance
摘要：I study the cyclical behavior of an equilibrium search model with endogenous job creation and destruction, with focus on the model’s failure to match the observed cyclical volatility of unemployment. Job creation in the model is influenced by wages in new matches. I summarize microeconometric evidence on wages in new matches and show that the key model elasticities are consistent with the evidence. Therefore explanations of the unemployment volatility puzzle have to preserve the cyclical volatility of wages. I discuss some extensions of the model that can increase cyclical unemployment volatility through mechanisms other than wage stickiness.
关键词：wages, unemployment, wage stickiness, job creation