The Ins and Outs of Unemployment: An Analysis Conditional on Technology Shocks

• 成果类型: Article
• 署名作者: Canova, Fabio; Lopez-Salido, David; Michelacci, Claudio
• 署名单位: Federal Reserve System - USA; Federal Reserve System Board of Governors
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2012.02548.x
• 发表日期: 2013
• 页码: 515-539
• 关键词: long-run restrictions; business-cycle; DYNAMICS; demand; GROWTH

摘要

We analyse how unemployment, job-finding and job-separation rates react to neutral and investment-specific technology shocks. Neutral shocks increase unemployment and explain a substantial portion of it volatility; investment-specific shocks expand employment and hours worked and contribute to hours worked volatility. Movements in the job-separation rates are responsible for the impact response of unemployment while job-finding rates for movements along its adjustment path. The evidence warns against using models with exogenous separation rates and challenges the conventional way of modelling technology shocks in search and sticky price models.