The fundamental surplus revisited

Bingsong Wang

Review of Economic Dynamics, 2023, vol. 51, 1-15

Abstract: To generate large responses of unemployment to productivity changes requires a high elasticity of the fundamental surplus with respect to productivity. When all deductions that enter the fundamental surplus are acyclical, and the fundamental surplus does not involve endogenous variables, then the elasticity of the fundamental surplus coincides with the inverse of the fundamental surplus fraction. (Copyright: Elsevier)

Keywords: Search frictions; Unemployment volatility; Fundamental surplus; Wage rigidity (search for similar items in EconPapers)
JEL-codes: E24 E32 J31 J41 J63 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1016/j.red.2022.11.003

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