Arbeitspapier
High discounts and low fundamental surplus: An equivalence result for unemployment fluctuations
Ljungqvist and Sargent (2017) (LS) show that unemployment fluctuations can be understood in terms of a quantity they call the "fundamental surplus." However, their analysis ignores risk premia, a force that Hall (2017) shows is important in understanding unemployment fluctuations. We show how the LS framework can be adapted to incorporate risk premia. We derive an equivalence result that relates parameters in economies with risk premia to those of an artificial economy without risk premia. We show how to use properties of the artificial economy to deduce how risk premia affect unemployment dynamics in the original economy.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2021-22
- Klassifikation
-
Wirtschaft
Macroeconomics: Production
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
Business Fluctuations; Cycles
Financial Markets and the Macroeconomy
Labor Demand
Human Capital; Skills; Occupational Choice; Labor Productivity
Wage Level and Structure; Wage Differentials
Labor Contracts
Labor Turnover; Vacancies; Layoffs
- Thema
-
risk premia
fundamental surplus
time-varying discounts
unemployment fluctuations
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Mitra, Indrajit
Seo, Taeuk
Xu, Yu
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of Atlanta
- (wo)
-
Atlanta, GA
- (wann)
-
2021
- DOI
-
doi:10.29338/wp2021-22
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Mitra, Indrajit
- Seo, Taeuk
- Xu, Yu
- Federal Reserve Bank of Atlanta
Entstanden
- 2021
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