Work, Rest, and Search: Unemployment, Turnover, and the Cycle
构建了一个模型，引入总需求冲击，解释搜寻活动、劳动生产率的顺周期性和失业的反周期性，与真实时间序列行为一致。
This paper presents a model that generates procyclical search, procyclical labor productivity, and countercyclical unemployment broadly consistent with the actual behavior of these time series. Concretely, the model introduces an aggregate shock into the sectoral demand-shift model of the type analyzed by Robert Lucas and Edward Prescott. If aggregate shocks operate multiplicatively and are autocorrelated, the payoff to unemployed search can be procyclical to an extent large enough to offset the productive losses associated with search that also are procyclical. Copyright 1987 by University of Chicago Press.