Non-Stationary Search Equilibrium

Fabien Postel-Vinay and Giuseppe Moscarini

No 31, 2009 Meeting Papers from Society for Economic Dynamics

Abstract: We study aggregate equilibrium dynamics of a frictional labor market where firms post employment contracts and workers search randomly on and off the job for such contracts, while the economy is hit by aggregate productivity shocks. Our exercise provides the first analysis of aggregate dynamics of a popular class of search wage-posting models with undirected job search.

Date: 2009
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