The Unemployment Volatility Puzzle: Is Wage Stickiness the Answer?
讨论标准搜索匹配模型无法解释求职率周期波动的问题，发现新匹配工资具有波动性，因此解释失业波动之谜需保留工资周期波动，并提出基于固定匹配成本的模型改进。
I discuss the failure of the canonical search and matching model to match the cyclical volatility in the job finding rate. I show that job creation in the model is influenced by wages in new matches. I summarize microeconometric evidence and find that wages in new matches are volatile and consistent with the model's key predictions. Therefore, explanations of the unemployment volatility puzzle have to preserve the cyclical volatility of wages. I discuss a modification of the model, based on fixed matching costs, that can increase cyclical unemployment volatility and is consistent with wage flexibility in new matches. Copyright 2009 The Econometric Society.