A note on the unemployment volatility puzzle
构建了一个包含摩擦性劳动力市场、纳什议价和周期性机会成本的模型，发现反周期加成率放大了生产率冲击对失业的影响，从而回应了关于机会成本周期性对解决失业波动之谜构成挑战的批评。
Abstract This paper features an economy with frictional labour markets, Nash bargaining, cyclical opportunity cost of employment and demand-determined output. I show that the model generates big responses of unemployment to productivity movements. The key insight is that strongly countercyclical markups amplify the impact of aggregate shocks on the fundamental surplus, and as a consequence, on labour market outcomes. This answers the critique of Chodorow-Reich and Karabarbounis that the cyclicality of the opportunity cost poses a challenge to the solution of the unemployment volatility puzzle.