Job Search and Cyclical Unemployment
Bibliographic Data
| ID | 10179616 |
|---|---|
| Authors | Randall Wright (0000-0002-3130-2816, corresponding author) |
| Year | 1986 |
| Volume | 94 |
| Issue | 1 |
| Pages | 38-55 |
| Publication date | 1986-02-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0022-3808 • E-ISSN: 1537-534X |
| Publisher | University of Chicago Press (PUBLISHER • US) |
| DOI | 10.1086/261362 |
| OpenAlex | W2068107231 |
| Language | EN |
| Citations received | 3 |
| References cited | 7 |
A model economy is described that integrates job search and signal extraction analysis. Equilibrium differs from search models without signal extraction in that, even with a fixed real sector, unemployment fluctuates stochastically. It differs from standard signal extraction models because search introduces persistence. In fact, unemployment follows a second-order difference equation with coefficient that are functions of current and lagged values of the stochastic shocks. Thus the model has the potential to mimic actual business cycle data despite the fact that the underlying shocks are independently and identically distributed. Policy implications are discussed
Business cycle · Econometrics · Economics · Macroeconomics · Microeconomics · Order (exchange · Persistence (discontinuity · Search theory · SIGNAL (programming language · Unemployment · Computer Science · Economic theories and models · Economic Theory and Policy · Engineering · Finance · Monetary Policy and Economic Impact
| Citations per year | 0.14 |
|---|---|
| Citation span | 2004 - 2025 (22) |
| Highly cited | No |