Job Search and Cyclical Unemployment
构建了一个整合求职搜寻与信号提取的模型，即使实体经济不变，失业也会随机波动；搜寻行为引入持续性，使失业服从二阶差分方程，能模拟实际经济周期数据，并讨论了政策含义。
A model economy is described that integrates job search and signal extraction analysis. Equilibrium differs from search models without signal extraction in that, even with a fixed real sector, unemployment fluctuates stochastically. It differs from standard signal extraction models because search introduces persistence. In fact, unemployment follows a second-order difference equation with coefficient that are functions of current and lagged values of the stochastic shocks. Thus the model has the potential to mimic actual business cycle data despite the fact that the underlying shocks are independently and identically distributed. Policy implications are discussed.