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The ins and outs of unemployment: An analysis conditional on technology shocks
Canova, Fabio; Lopez-Salido, David; Michelacci, Claudio
Universitat Pompeu Fabra. Departament d'Economia i Empresa
We analyze how unemployment, job finding and job separation rates reactto neutral and investment-specific technology shocks. Neutral shocks increaseunemployment and explain a substantial portion of it volatility; investment-specificshocks expand employment and hours worked and contribute to hoursworked volatility. Movements in the job separation rates are responsible for theimpact response of unemployment while job finding rates for movements alongits adjustment path. The evidence warns against using models with exogenousseparation rates and challenges the conventional way of modelling technologyshocks in search and sticky price models.
2010-05-13
Macroeconomics and International Economics
unemployment
technological progress
labor market flows
business cycle models.
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