Accounting for idiosyncratic wage risk over the business cycle
Tamas Papp and
Alisdair McKay ()
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Tamas Papp: Institute for Advanced Studies
No 820, 2012 Meeting Papers from Society for Economic Dynamics
We show that a parsimoniously calibrated search-and-matching model of the labor market with on-the-job search gives a good account of the cyclical variation in idiosyncratic wage risk among those experiencing unemployment and of the composition effect over the business cycle. As these components generate around 80% of the total, we argue that such a model gives a good account of cyclical variation in idiosyncratic wage risk.
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Working Paper: Accounting for Idiosyncratic Wage Risk Over the Business Cycle (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed012:820
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