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Labor market search, endogenous disasters and the equity premium puzzle

Christopher Heiberger

Journal of Economic Dynamics and Control, 2020, vol. 114, issue C

Abstract: The present paper investigates: (i) the endogenous disaster mechanism in a textbook search-and-matching model when calibrated with a constant flow value of unemployment that is close to average labor productivity and (ii) its contribution to solve the equity premium puzzle.

Keywords: Economic disasters; Equity premium puzzle; Search-and-matching frictions; Unemployment (search for similar items in EconPapers)
JEL-codes: C63 E21 E24 E32 G12 (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1016/j.jedc.2020.103899

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Handle: RePEc:eee:dyncon:v:114:y:2020:i:c:s0165188920300671