Macroeconomics Reading
Group Spring 2006
Search and Matching Models
of Employment Fluctuations: Recent Developments
1. Background: Mehmet, Feb. 1
Christopher
A. Pissarides. 2000. Equilibrium Unemployment Theory. MIT Press. Chapters 1-3
2. More Background:
Mauro, Feb. 8
Dale
Mortensen and Christopher A. Pissarides, “Job
Reallocation and Employment Fluctuations,” in M. Woodford and J.B. Taylor,
eds., Handbook of Macroeconomics, vol.
1B, North-Holland, 1999.
Eran Yashiv,
“Search
and Matching in Macroeconomics,” CEPR discussion paper no. 5459, January
2006.
3. The Shimer Critique:
Gideon, Feb. 22
Robert
Shimer, “The
Cyclical Behavior of Equilibrium Unemployment and Vacancies,” American Economic Review 95: 25-49
(2005).
Robert E.
Hall, “Employment
Fluctuations with Equilibrium Wage Stickiness,” American Economic Review 95: 50-65 (2005).
4. More on the
Critique: Justin, March 1
M. Hagedorn
and I. Manovskii, “The Cyclical Behavior of
Equilibrium Unemployment and Vacancies Revisited,” working paper, U.
Pennsylvania, 2005.
Dale T.
Mortensen and Eva Nagypal, “More on
Unemployment and Vacancy Fluctuations,” NBER working paper no. 11692,
October 2005.
5. Alternative Models
of Wage Bargaining
a. Stefania, March 8
John Kennan,
“Private Information, Wage
Bargaining, and Employment Fluctuations,” working paper, U.
Wisconsin-Madison, 2005.
b. Mike, March 22
Guido
Menzio, “High-Frequency
Wage Rigidity,” working paper,
c. Megan, March 29
Robert E.
Hall and Paul R. Milgrom, “The Limited
Influence of Unemployment on the Wage Bargain,” NBER working paper no.
11245, 2005.
Robert E.
Hall, “The Labor Market
and Macro Volatility: A Non-Stationary General-Equilibrium Analysis,” NBER
working paper no. 11684, October 2005.
See
money/macro seminar series for:
Julio J.
Rotemberg, “Cyclical
Wages in a Search and Bargaining Model with Large Firms,” working paper,
Mark Gertler
and Antonella Trigari, “Unemployment
Fluctuations with Staggered Nash Wage Bargaining,” working paper,
6. Monetary Models with
Search Frictions
a. Yuki, April 5
Carl E.
Walsh, “Labor
Market Search, Sticky Prices, and Interest Rate Policies,” Review of Economic Dynamics 8: 829-849
(2005).
Also
related:
"Job destruction and propagation of shocks" den Haan, Ramey, and Watson, AER 2000 June. "Equilibrium unemployment, job flows and inflation dynamics" Trigari, ECB Working Paper, 2004.
b. Bruce, April 19
Michael
Krause and Thomas Lubik. 2005. The (Ir)relevance of Real
Wage Rigidity in the New Keynesian Model with Search Frictions. Manuscript.
7. Competitive Search
Models
a. Eric, April 26
Robert
Shimer and Randall Wright, “Competitive Search
Equilibrium with Asymmetric Information,” working paper, U. Chicago, August
2004.
Veronica
Guerrieri, “Efficiency of Competitive Search under Asymmetric Information,”
working paper, MIT, November 2005.
c. Mauro, May 3
Shimer,
Robert, and Ivan Werning. 2006. “On the Optimal
Timing of Benefits with Heterogeneous Workers and Human Capital Depreciation”.
Manuscript, MIT.
Also related:
http://home.uchicago.edu/~shimer/wp/reswage-print.pdf http://home.uchicago.edu/~shimer/wp/liquid-insure-print.pdf
Further Topics
Richard
Rogerson, Robert Shimer, and Randall Wright, “Search-Theoretic Models of the
Labor Market: A Survey,” working paper,
William
Hawkins, “Competitive Search, Efficiency and Multi-Worker Firms,” working
paper, MIT, November 2005.
Manolis
Galenianos and Philipp Kircher, “Directed
Search with Multiple Job Applications,” working paper, U. Pennsylvania,
November 2005.
Eva Nagypal,
“Amplification of Productivity Shocks: Why Don’t Vacancies Like to Hire the
Unemployed,” working paper,
Eran Yashiv,
“Forward-Looking Hiring Behavior and the Dynamics of the Aggregate Labor
Market,” working paper, U. Tel Aviv, April 2005.
Robert
Shimer, “Reassessing the Ins and Outs of Unemployment,” working paper, U.
Chicago, June 2005.
Robert
Shimer, “Mismatch,” NBER working paper no. 11888, December 2005.
Last update: 5/1/06