Asset Prices and Unemployment Fluctuations: A Resolution of the Unemployment Volatility Puzzle
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Recent work has demonstrated that existing solutions of the unemployment volatility puzzle are at odds with the procylicality of the opportunity cost of employment, the cyclicality of wages, and the volatility of risk-free rates. We propose a model of business cycles that is immune to these
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美国国家经济研究局创建时间：
2022-02-01
