Search And Stochastic Dynamics In The Old Keynesian Economics: A Rationale For The Shimer Puzzle

Following Farmer’s micro-foundation of the General Theory, I build a competitive search model in which agents are divided in two categories, i.e. wage and profit earners. Within this framework, I show that the model economy has a continuum of equilibria that might be consistent with a certain degree of endogenous real stickiness. Moreover, calibrating and simulating the model in order to fit US first-moment data, I show that this setting can provide a rationale for the Shimer puzzle, i.e. the relative stability of labor productivity in spite of the large volatility of labor market tightness.

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Titolo: Search And Stochastic Dynamics In The Old Keynesian Economics: A Rationale For The Shimer Puzzle
Autori: 
GUERRAZZI, MARCO
Data di pubblicazione: 2011
Rivista: 
METROECONOMICA  
Abstract: Following Farmer’s micro-foundation of the General Theory, I build a competitive search model in which agents are divided in two categories, i.e. wage and profit earners. Within this framework, I show that the model economy has a continuum of equilibria that might be consistent with a certain degree of endogenous real stickiness. Moreover, calibrating and simulating the model in order to fit US first-moment data, I show that this setting can provide a rationale for the Shimer puzzle, i.e. the relative stability of labor productivity in spite of the large volatility of labor market tightness.
Handle: http://hdl.handle.net/11567/462318
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http://hdl.handle.net/11567/462318
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