| European Unemployment and Turbulence (2007) | |||||||||||||||
Abstract | |||||||||||||||
| We recalibrate den Haan, Haefke, and Ramey's matching model to capture our preferred specification of `turbulence', modelled in terms of the transition dynamics of human capital after voluntary and involuntary job losses. Under our calibration, an increase in turbulence increases the unemployment rate and the duration of unemployment while leaving the inflow rate into unemployment roughly unchanged, mirroring features of European data in the 1980s and 1990s. | |||||||||||||||
Details der Publikation | |||||||||||||||
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