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The cyclical behavior of job creation and job destruction: a sectoral model

Glenn MacDonald (), Jeremy Greenwood and Guang-Jia Zhang
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Guang-Jia Zhang: University of North Carolina at Chapel Hill

No 88, Discussion Paper / Institute for Empirical Macroeconomics from Federal Reserve Bank of Minneapolis

Abstract: Three key features of the employment process in the U.S. economy are that job creation is procyclical, job destruction is countercyclical, and job creation is less volatile than job destruction. These features are also found at the sectoral (goods and services) level. The paper develops, calibrates, and simulates a two sector general equilibrium model including both aggregate and sectoral shocks. The behavior of the model economy mimics the job creation and destruction facts. Sectoral shocks play a significant role in determining the aggregate level of nonemployment.

Keywords: Labor turnover; Business cycles (search for similar items in EconPapers)
Date: 1994
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Related works:
Journal Article: The Cyclical Behavior of Job Creation and Job Destruction: A Sectoral Model (1996)
Journal Article: The cyclical behavior of job creation and job destruction: A sectoral model (1995)
Working Paper: The Cyclical Behavior of Job Creation and Job Destruction: A Sectoral Model (1994)
Working Paper: The Cyclical Behavior of Job Creation and Job Destruction: A Sectoral Model (1994) Downloads
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