Pierlauro Lopez

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Analysis and Commentary

Asset Prices And Unemployment Fluctuations

by Patrick J. Kehoe, Pierlauro Lopez, Virgiliu Midrigan, Elena Pastorinovia The National Bureau Of Economic Research
Tuesday, December 31, 2019

Recent critiques have demonstrated that existing attempts to account for the unemployment volatility puzzle of search models are inconsistent with the procylicality of the opportunity cost of employment, the cyclicality of wages, and the volatility of risk-free rates.