creator Leduc, Sylvain 1969- 9701 creator Liu, Zheng 20669 <p>We show that cyclical fluctuations in search intensity and recruiting intensity are quantitatively important for explaining the weak job recovery from the Great Recession. We demonstrate this result using an estimated labor search model that features endogenous search and recruiting intensity. Since the textbook model with free entry implies constant recruiting intensity, we introduce a cost of vacancy creation, so that firms respond to aggregate shocks by adjusting both vacancies and recruiting intensity. Fluctuations in search and recruiting intensity driven by shocks to productivity and the discount factor help bridge the gap between the actual and model-predicted job filling rate.</p> eng Working Paper 2016-09 10.24148/wp2016-09 Revised multipart 2019-02-19 February 19, 2019 639489 2026-02-10 09:18:48 2023-07-19 10:41:02 item pb2016-09 7039 7038 creator Federal Reserve Bank of San Francisco 522 E32 J63 J64 text

electronic

3 files born digital application/pdf https://fraser.stlouisfed.org/title/working-papers-federal-reserve-bank-san-francisco-7038/weak-job-recovery-a-macro-model-search-recruiting-intensity-639489 https://iiif.slf.digirati.io/presentation/item/639489 https://fraser.stlouisfed.org/api/item/639489 https://fraser.stlouisfed.org/docs/historical/frbsf/workingpapers/frbsf_wp2016-09.pdf https://fraser.stlouisfed.org/docs/historical/frbsf/workingpapers/frbsf_wp2016-09_replication-files.zip https://fraser.stlouisfed.org/docs/historical/frbsf/workingpapers/frbsf_wp2016-09_appendix.pdf https://fraser.stlouisfed.org/files/text/historical/frbsf/workingpapers/frbsf_wp2016-09.txt https://fraser.stlouisfed.org/files/text/historical/frbsf/workingpapers/frbsf_wp2016-09_replication-files.zip https://fraser.stlouisfed.org/files/text/historical/frbsf/workingpapers/frbsf_wp2016-09_appendix.txt For more information on rights relating to this item, please see: https://fraser.stlouisfed.org/title/working-papers-federal-reserve-bank-san-francisco-7038/weak-job-recovery-a-macro-model-search-recruiting-intensity-639489