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Title: Job Search Intensity and Wage Rigidity in Business Cycles
Authors: Uemura, Yuki
Keywords: E24
search intensity
business cycles
wage rigidity
unemployment fluctuations
Issue Date: Apr-2022
Publisher: Institute of Economic Research, Kyoto University
Journal title: KIER Discussion Paper
Volume: 1078
Start page: 1
End page: 34
Abstract: This paper examines the job search behavior of unemployed workers over the business cycle. The paper first constructs a standard search and matching model with endogenous search efforts, wage rigidity, and a generalized matching function. Contrary to the existing literature, the proposed model generates both procyclical and countercyclical search intensity, depending on the degree of wage rigidity and the elasticity parameter of the matching function. The paper then calibrates the model to the U.S. economy and provides various impulse response analyses. The numerical exercises show that the model successfully and simultaneously reproduces countercyclical search efforts and sizable labor market fluctuations.
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Appears in Collections:KIER Discussion Paper (English)

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