NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Why is Unemployment so Countercyclical?

Lawrence J. Christiano, Martin S. Eichenbaum, Mathias Trabandt

NBER Working Paper No. 26723
Issued in January 2020
NBER Program(s):Economic Fluctuations and Growth

We argue that wage inertia plays a pivotal role in allowing empirically plausible variants of the standard search and matching model to account for the large countercyclical response of unemployment to shocks.

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Document Object Identifier (DOI): 10.3386/w26723

 
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