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Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
Working Paper No. 2013/16
Verlag: 
Norges Bank, Oslo
Zusammenfassung: 
We investigate the macroeconomic consequences of fluctuations in the effectiveness of the labor-market matching process with a focus on the Great Recession. We conduct our analysis in the context of an estimated medium-scale DSGE model with sticky prices and equilibrium search unemployment that features a shock to the matching efficiency (or mismatch shock). We find that this shock is almost irrelevant for unemployment fluctuations in normal times. However, it plays a somewhat larger role during the Great Recession when it contributes to raise the actual unemployment rate by 1.25 percentage points and the natural rate by 2 percentage points. Moreover, it is the only shock that generates a positive conditional correlation between unemployment and vacancies
Schlagwörter: 
search and matching frictions
unemployment
natural rates
JEL: 
E32
C51
C52
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-82-7553-769-8
Creative-Commons-Lizenz: 
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Dokumentart: 
Working Paper
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