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Replication data for: The Cyclical Volatility of Labor Markets under Frictional Financial Markets

Version
1
Resource Type
Dataset
Creator
  • Petrosky-Nadeau, Nicolas
  • Wasmer, Etienne
Publication Date
2013-01-01
Description
  • Abstract

    We provide a dynamic extension of an economy with search on credit and labor markets (Wasmer and Weil 2004). Financial frictions create volatility. They add an additional, almost acyclical, entry cost to procyclical job creation costs, thus increasing the elasticity of labor market tightness to productivity shocks by a factor of five to eight, compared to a matching economy with perfect financial markets. We characterize a dynamic financial multiplier that is increasing in total financial costs and minimized under a credit market Hosios- Pissarides rule. Financial frictions are an element of the solution to the volatility puzzle. (JEL C78, E24, E32, E44, G21, J63)
Availability
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Relations
  • Is supplement to
    DOI: 10.1257/mac.5.1.193 (Text)
Publications
  • Petrosky-Nadeau, Nicolas, and Etienne Wasmer. “The Cyclical Volatility of Labor Markets under Frictional Financial Markets.” American Economic Journal: Macroeconomics 5, no. 1 (January 2013): 193–221. https://doi.org/10.1257/mac.5.1.193.
    • ID: 10.1257/mac.5.1.193 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-10-13

Petrosky-Nadeau, Nicolas; Wasmer, Etienne (2013): Replication data for: The Cyclical Volatility of Labor Markets under Frictional Financial Markets. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E114262V1