The Shimer, Robert. National Bureau of Economic Research. text bibliography text mau 2004 monographic Cambridge, MA National Bureau of Economic Research c2004 eng

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"The standard theory of equilibrium unemployment, the Mortensen-Pissarides search and matching model, cannot explain the magnitude of the business cycle fluctuations in two of its central elements, unemployment and vacancies. Modifying the model to make the present value of wages unresponsive to current labor market conditions amplifies fluctuations in unemployment and vacancies by an order of magnitude, significantly improving the performance of the model. Despite this, the welfare consequences of such rigid wages is negligible"--National Bureau of Economic Research web site. This is non-restricted, fully open content that may be accessed on and off of the Library of Congress campus, with no restrictions, by an unlimited number of users Robert Shimer. Title from PDF file as viewed on 1/21/2005. Includes bibliographical references. Also available in print. Mode of access: World Wide Web. System requirements: Adobe Acrobat Reader. HB1 https://hdl.loc.gov/loc.gdc/gdcebookspublic.2005616049 http://papers.nber.org/papers/W10326 working paper no. 10326 2005616049 aacr DLC 050121 20250606213927.4 13846771 Converted from MARCXML to MODS version 3.8 using MARC21slim2MODS3-8_XSLT1-0.xsl (Revision 1.172 20230208)