TY - BOOK ID - 137057254 TI - Why is Unemployment so Countercyclical? AU - Christiano, Lawrence J. AU - Eichenbaum, Martin S. AU - Trabandt, Mathias. AU - National Bureau of Economic Research. PY - 2020 PB - Cambridge, Mass. National Bureau of Economic Research DB - UniCat UR - https://www.unicat.be/uniCat?func=search&query=sysid:137057254 AB - We argue that wage inertia plays a pivotal role in allowing empirically plausible variants of the standard search and matching model to account for the large countercyclical response of unemployment to shocks. ER -