Search in macroeconomic models of the labor market
By: Richard Rogerson, Robert Shimer
Contributors: Shimer, Robert; National Bureau of Economic Research
Series: NBER working paper series -- working paper 15901; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 15901.
Publisher: National Bureau of Economic Research
Published: 2010
Place of publication: Cambridge, MA
Language: eng
Format: [electronic resource] /
Description: "This chapter assesses how models with search frictions have shaped our understanding of aggregate labor market outcomes in two contexts: business cycle fluctuations and long-run (trend) changes.  We first consolidate data on aggregate labor market outcomes for a large set of OECD countries.  We then ask how models with search improve our understanding of these data.  Our results are mixed.  Search models are useful for interpreting the behavior of some additional data series, but search frictions per se do not seem to improve our understanding of movements in total hours at either business cycle frequencies or in the long-run.  Still, models with search seem promising as a framework for understanding how different wage setting processes affect aggregate labor market outcomes"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 4/20/2010.

Includes bibliographical references.

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