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News shocks and labor market dynamics in matching models

Abstract:

We enrich a baseline RBC model with search and matching frictions on the labor market and real frictions that are helpful in accounting for the response of macroeconomic aggregates to shocks. The analysis allows shocks to have an unanticipated and a news (i.e. anticipated) component. The Bayesian estimation of the model reveals that the model which includes news shocks on macroeconomic aggregates produces a remarkable fit of the data. News shocks in stationary and non-stationary TFP, inv...

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Publication status:
Accepted
Peer review status:
Peer reviewed

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Institution:
University of Oxford
Oxford college:
Wadham College
Role:
Author
Journal:
Canadian Journal of Economics
Acceptance date:
2015-03-16
EISSN:
1540-5982
ISSN:
0008-4085
Language:
English
Keywords:
UUID:
uuid:6dd43b0e-af40-4ca0-b1ae-095527948804
Deposit date:
2015-04-23

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