Claudio Michelacci

Einaudi Institute for Economics and Finance
Via Sallustiana 62 - 00187
Rome, Italy
Tel: 0034-91-4290-551
Fax: 0034-91-4291-056

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org

NBER Working Papers and Publications

September 2011The Cyclical Behavior of Equilibrium Unemployment and Vacancies in the US and Europe
with Alejandro Justiniano: w17429
We set-up a real business cycle model with search and matching frictions driven by several shocks, which nests full Nash Bargaining and wage rigidity as special cases and includes other transmission mechanisms suggested by the literature for the propagation and amplification of disturbances. The model is estimated using full information methods for two Anglo-Saxon countries (the US and the UK), two Continental European countries (France and Germany) and two Scandinavian countries (Norway and Sweden). We conduct inference with mixed frequency data, combining quarterly series for unemployment, vacancies, GDP, consumption, and investment, with annual data on unemployment flows. Parameters and shocks are estimated separately for each country, which can then vary in terms of search and hiring c...
August 2011The Cyclical Behavior of Equilibrium Unemployment and Vacancies in the United States and Europe
with Alejandro Justiniano
in NBER International Seminar on Macroeconomics 2011, Jeffrey Frankel and Christopher Pissarides, organizers
January 2005Financial Markets and Wages
with Vincenzo Quadrini: w11050
We study a labor market equilibrium model in which firms sign optimal long-term contracts with workers. Firms that are financially constrained offer an increasing wage profile: They pay lower wages today in exchange of higher wages once they become unconstrained and operate at a larger scale. In equilibrium, constrained firms are on average smaller and pay lower wages. In this way the model generates a positive relation between firm size and wages. Using data from the National Longitudinal Survey of Youth (NLSY) we show that the key dynamic properties of the model are supported by the data.

Published: Claudio Michelacci & Vincenzo Quadrini, 2009. "Financial Markets and Wages," Review of Economic Studies, Blackwell Publishing, vol. 76(2), pages 795-827, 04. citation courtesy of

NBER Videos

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email:

Contact Us