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Why is Unemployment so Countercyclical?

We argue that wage inertia plays a pivotal role in allowing empirically plausible variants of the standard search and matching model to account for the large countercyclical response of unemployment to shocks.

15. July 2021

Authors Lawrence J. Christiano Martin S. Eichenbaum Mathias Trabandt

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Professor Dr Mathias Trabandt
Professor Dr Mathias Trabandt
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