Fujita, Shigeru; Moscarini, Giuseppe - Federal Reserve Bank of Philadelphia - 2013
more procyclical and volatile than the probability of a recall. Incorporating this fact into an empirical matching function … Recession. We develop a canonical search-and-matching model with a recall option where new matches are mediated by a matching … function, while recalls are free and triggered by both aggregate and job-specific shocks. The recall option is lost when the …