4 edition of The Shimer puzzle and the correct identification of productivity shocks found in the catalog.
The Shimer puzzle and the correct identification of productivity shocks
by Centre for Economic Performance, London School of Economics and Political Science in London
Shimer (2005a) claims that the Mortensen-Pissarides search model of unemployment lacks an ampiflication mechanism because it cannot generate the observed business cycle fluctuations in unemployment given labor productivity shocks of plausible magnitude. This paper argues that part of the problem lies with the correct identification of productivity shocks. Because of the endogeneity of measured labor productivity, filtering out the trend component as in Shimer (2005a) may not correctly identify the shocks driving unemployment. Using a New-Keynesian framework with search unemployment, this paper estimates that close to 50% of the Shimer puzzle is due to the misidentification of productivity shocks. In addition, I show that extending the search model with an aggregate demand side remarkably improves the ability of the standard search model to match the moments of key labor market variables.
|Series||CEP discussion paper -- no. 823|
|Contributions||London School of Economics and Political Science. Centre for Economic Performance.|
|The Physical Object|
|LC Control Number||2007619425|
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Downloadable. Shimer (a) claims that the Mortensen-Pissarides search model of unemployment lacks an ampiflication mechanism because it cannot generate the observed business cycle fluctuations in unemployment given labor productivity shocks of plausible magnitude. This paper argues that part of the problem lies with the correct identification of Cited by: The Shimer Puzzle and the Identification of Productivity Shocks Article in SSRN Electronic Journal January with 59 Reads How we measure 'reads'Author: Regis Barnichon.
"The Shimer Puzzle and the Correct Identification of Productivity Shocks," CEP Discussion Papers dp, Centre for Economic Performance, LSE.
Arthur J. Hosios, " On The Efficiency of Matching and Related Models of Search and Unemployment," Review of Economic Studies, Oxford University Press, vol.
57(2), pages Productivity is subject to publicly observed aggregate shocks, and to idiosyncratic shocks that are seen only by the employer.
It is shown that there is a unique equilibrium, provided that the Author: Gabriele Cardullo. The Shimer Puzzle and the Correct Identification of Productivity Shocks Régis Barnichon August Paper No' CEPDP Read Abstract | Full Paper JEL Classification: E32; E37; J63; J64 Tags: unemployment fluctuations; labor productivity; search and.
Browse by JEL codes Up a level: Export as. Atom RSS RSS Journal of Economic Literature Classification () J - Labor and Demographic Economics () J6 - Mobility, Unemployment, and Vacancies () J64 - Unemployment: Models, Duration, Incidence, and.
Barnichon () concludes that the Shimer puzzle might indicate that productivity shocks are not the main driving force. 1 Andrés et al. () use price rigidity in the retail sector. Closer to this model, is the work of Braun et al.
() and Kuester () that also use a new Keynesian framework. Both authors employ wage rigidity to Cited by: 3. Barnichon, Regis () Productivity, aggregate demand and unemployment fluctuations.
CEPDP (). Centre for Economic Performance, London School of Economics and Political Science, London, UK. ISBN Barnichon, Regis () The Shimer puzzle and the correct identification of productivity shocks. CEPDP (). Section 3 presents the MP model with life cycle features, and then examines the theoretical age-pattern of labor market flows at the steady state and in response to productivity shocks.
Section 4 applies the model to the data after calibrating its key parameters to Cited by: 1. Almond and his co-authors evaluate whether the Great China Famine had negative effects on its survivors. According to the fetal-origins hypothesis, cohorts in utero during the famine should have suffered the greatest long-term damage.
Consistent with this hypothesis, the authors finds a broad spectrum of compromised outcomes for cohorts born in who appear in the Chinese.
This result can be understood to arise from the productivity enhancing (cost reducing) effect of offshoring. If the search cost is identical in the two sectors, or even if the search cost is higher in the sector that experiences offshoring, the economy-wide rate of unemployment decreases.
The researchers also find multiple equilibrium outcomes. © The International Bank for Reconstruction and Development / The World Bank H Street NW Washington DC Telephone:. The Shimer Puzzle and the Endogeneity of Productivity by Régis Barnichon March revised June Optimal Contracts with Enforcement Risk by Nicola Gennaioli March Forthcoming in Journal of the European Economic Association.
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The AEA is providing open access to all journal content on the AEA website through June to overcome any difficulties some may have accessing. Households have weakly-separable preferences along the lines of Chari, Kehoe, and McGrattan (). The public sector is modeled as a simple rule for lump-sum taxes like in Leeper ().
We include three sources of exogenous fluctuations in the form of stochastic shocks to productivity, firms’ markup and government spending.This banner text can have markup.
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