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On-the-Job Search and Wage Rigidity in a General Equilibrium Model

Robert Hussey

No 393, Computing in Economics and Finance 2005 from Society for Computational Economics

Abstract: This paper develops and solves a general equilibrium business cycle model with on-the-job search and wage rigidity arising from long-term labor contracts. Labor search models without these features have been criticized for failing to generate procyclical movements in job vacancies and insufficient volatility in the ratio of vacancies to unemployment. When calibrated to the match the magnitude and rates of labor turnover, the model successfully generates these patterns and matches other properties of labor turnover data

Keywords: labor search; job-to-job transitions; vacancies; heterogeneous agents (search for similar items in EconPapers)
JEL-codes: E24 E32 J64 (search for similar items in EconPapers)
Date: 2005-11-11
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