Artikel

Solving the Diamond-Mortensen-Pissarides model accurately

An accurate global projection algorithm is critical for quantifying the basic moments of the Diamond-Mortensen-Pissarides model. Log linearization under- states the mean and volatility of unemployment, but overstates the volatility of labor market tightness and the magnitude of the unemployment-vacancy correlation. Log linearization also understates the impulse responses in unemployment in recessions, but overstates the responses in the market tightness in booms. Finally, the second-order perturbation in logs can induce severe Euler equation errors, which are often much larger than those from log linearization.

Language: Englisch

Bibliographic citation: Journal: Quantitative Economics ; ISSN: 1759-7331 ; Volume: 8 ; Year: 2017 ; Issue: 2 ; Pages: 611-650 ; New Haven, CT: The Econometric Society

Classification: Wirtschaft
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
Business Fluctuations; Cycles
Labor Turnover; Vacancies; Layoffs
Unemployment: Models, Duration, Incidence, and Job Search

Subject: Search frictions
unemployment
projection
perturbation
nonlinear dynamics
parameterized expectations
finite elements

Event: Geistige Schöpfung

(who): Petrosky-Nadeau, Nicolas
Zhang, Lu

Event: Veröffentlichung

(who): The Econometric Society

(where): New Haven, CT

(when): 2017

DOI: doi:10.3982/QE452

Handle: http://hdl.handle.net/10419/195550

Last update: 10.03.2025, 11:43 AM CET

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Artikel

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Petrosky-Nadeau, Nicolas
Zhang, Lu
The Econometric Society

Time of origin

2017

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Solving the Diamond-Mortensen-Pissarides model accurately

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