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1、Whatarethee ectsof scalshocks?III:ModelswithlabormarketfrictionsFabioCanovaICREA-UPF,CREI,CREMeD,AMeNandCEPRMay2010ReferencesBruckner,M.andPappa,P.2010,Fiscalexpansionsa ectunemployment,buttheymayincreaseit,CEPRworkingpaper,7766.Farmer,R.,2009,Fiscalpolicycanreduceune
2、mployment:buttherearelesscostlyandmoree ectivealternatives,NBERworkingpaper15931Monacelli,T.,Perotti,R.andTrigari,A.,2010,Unemployment scalmultipliers,NBERworkingpaper15931Andolfatto,D.,1996,Businesscyclesandlabormarketsearch,AmericanEconomicRe-view,86,112-132.Hall,R.
3、,2005,Jobloss,Job ndingandunemploymentintheUSeconomyoverthepast50years,inM.GerlterandK.Rogo (eds.)NBERMacroeconomicAnnual,MITPress,101-137.Merz,M.,1995,Searchinthelabormarketandrealbusinesscycles,JournalofMonetaryEconomics,36,269-300Shimer,R.,2005,Thecyclicalbehavioro
4、fequilibriumunemploymentandvacancies,AmericanEconomicReview,95,25-49.Shimer,R.,2009,Labormarketsandthebusinesscycle,PrincetonUniversityPressTrigari,A.,2009Equilibriumunemployment,job
owsandin
ationdynamics,JournalofMoney,CreditandBanking,41,1-33.Walsh,C.,2005,Labormar
5、ketsearch,stickypricesandinterestraterules,ReviewofEconomicDynamics,8,829-849.OutlineMatchingfrictionsinaRBCmodel.MatchingfrictionsinaNKmodel.Addinglabormarketparticipationdecisions.1Introduction-Modelssofarconsideredhavenothingtosayaboutunemploymentandhiring/ ring
6、-labormarketisalwaysinequilibrium.Theyallow,atmost,toevaluatehow scalpolicydecisionsa ectoutputanditscomponents.-Mostofcurrent scalprogramsareespeciallydesignedtotargetjobcreation(unemploymentreductions).-Whatkindofmodelscanhelpustounderstandtheseissues?Mortensen-Piss
7、aridesmatchingfrictionmodelisnowtheworkhorse.Arethereothermodelswhichcouldbeused?-Isitpossiblethat scalexpansionsincreaseunemployment?Underwhatconditions?2ARBCmodelwithsearchfrictions-ThismodelhasbeenusedtointerpretthedynamicsfollowingtechnologyshocksstartingwithMerz(
8、1995)andAndolfatto(1996)and,recently,byShimer(2005)andHall(2005).-Someattemptsalsotousethisframeworktoanalyzemonetarypolicys
