Replication data for: The Cyclical Volatility of Labor Markets under Frictional Financial Markets
Principal Investigator(s): View help for Principal Investigator(s) Nicolas Petrosky-Nadeau; Etienne Wasmer
Version: View help for Version V1
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Project Citation:
Petrosky-Nadeau, Nicolas, and Wasmer, Etienne. Replication data for: The Cyclical Volatility of Labor Markets under Frictional Financial Markets. Nashville, TN: American Economic Association [publisher], 2013. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114262V1
Project Description
Summary:
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We provide a dynamic extension of an economy with search on credit
and labor markets (Wasmer and Weil 2004). Financial frictions create
volatility. They add an additional, almost acyclical, entry cost to
procyclical job creation costs, thus increasing the elasticity of labor
market tightness to productivity shocks by a factor of five to eight,
compared to a matching economy with perfect financial markets.
We characterize a dynamic financial multiplier that is increasing in
total financial costs and minimized under a credit market Hosios-
Pissarides rule. Financial frictions are an element of the solution to
the volatility puzzle. (JEL C78, E24, E32, E44, G21, J63)
Scope of Project
JEL Classification:
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C78 Bargaining Theory; Matching Theory
E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
E32 Business Fluctuations; Cycles
E44 Financial Markets and the Macroeconomy
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
J63 Labor Turnover; Vacancies; Layoffs
C78 Bargaining Theory; Matching Theory
E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
E32 Business Fluctuations; Cycles
E44 Financial Markets and the Macroeconomy
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
J63 Labor Turnover; Vacancies; Layoffs
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