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Matching efficiency and business cycle fluctuations

Francesco Furlanetto () and Nicolas Groshenny

No 2012/07, Working Paper from Norges Bank

Abstract: A large decline in the e¢ ciency of the U.S. labor market in matching unemployed workers and vacant jobs has been documented during the Great Recession. We use a simple New Keynesian model with search and matching frictions in the labor market to study the propagation of matching e¢ ciency shocks. We show that the transmission of these disturbances and their importance for business cycle fluctuations depend crucially on the form of hiring costs and on the presence of nominal rigidities.

Keywords: Resource curse; Political economy. (search for similar items in EconPapers)
JEL-codes: E32 C51 C52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge, nep-lab and nep-mac
Date: 2012-04-30
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https://www.norges-bank.no/en/news-events/news-pub ... pers/2012/WP-201207/

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