The Weak Job Recovery in a Macro Model of Search and Recruiting Intensity : Replication Files, Working Paper 2016-09

Leduc, Sylvain, 1969-; Liu, Zheng

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The Weak Job Recovery in a Macro Model of Search and Recruiting Intensity : Replication Files, Working Paper 2016-09

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The Weak Job Recovery in a Macro Model of Search and Recruiting Intensity : Replication Files, Working Paper 2016-09

DATE: February 19, 2019

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Working Papers (Federal Reserve Bank of San Francisco)

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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.

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Federal Reserve Bank of San Francisco. "The Weak Job Recovery in a Macro Model of Search and Recruiting Intensity : Replication Files, Working Paper 2016-09" in Working Papers (Federal Reserve Bank of San Francisco) (February 19, 2019). https://fraser.stlouisfed.org/title/7038/item/639489/content/zip/frbsf_wp2016-09_replication-files, accessed on July 11, 2025.

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EDITION: Revised

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