Unemployment and Business Cycles
构建并估计了一个搜索匹配模型，解释失业等劳动力市场变量与经济周期的联动，发现工资惯性源于劳资谈判方式，而非人为设定，模型优于标准新凯恩斯粘性工资模型。
We develop and estimate a general equilibrium search and matching model that accounts for key business cycle properties of macroeconomic aggregates, including labor market variables. In sharp contrast to leading New Keynesian models, we do not impose wage inertia. Instead we derive wage inertia from our specification of how firms and workers negotiate wages. Our model outperforms a variant of the standard New Keynesian Calvo sticky wage model. According to our estimated model, there is a critical interaction between the degree of price stickiness, monetary policy, and the duration of an increase in unemployment benefits.