Update subtitle slightly

config.yml

@@ -55,7 +55,7 @@ params:
     profileMode:
           enabled: true
           title: Pascal Michaillat
-          subtitle: "I am an associate professor of economics at the University of California, Santa Cruz. I research why economic slack—especially unemployment—exists, why slack fluctuates over the business cycle, and how macroeconomic policies should respond to such fluctuations."
+          subtitle: "I am an associate professor of economics at the University of California, Santa Cruz. My research primarily studies economic slack, especially unemployment: why it exists, why it fluctuates over the business cycle, and how macroeconomic policies should respond to such fluctuations."
           imageUrl: "/picture.jpeg"
           imageWidth: 160
           imageHeight: 160

content/courses/c1.md

@@ -1,6 +1,6 @@
 ---
 title: "Unemployment" 
-date: 2024-12-11
+date: 2024-12-13
 url: /c1/
 aliases:
     - /t1.html
@@ -48,7 +48,7 @@ aliases:
     - /uploads/7/0/2/0/70200055/t1b.pdf
     - /uploads/7/0/2/0/70200055/t1d.pdf
     - /uploads/7/0/2/0/70200055/t1f.pdf
-tags: ["business cycles", "DMP model", "job rationing", "labor-market tightness", "matching function", "matching model", "public employment", "unemployment", "unemployment insurance", "wage rigidity"]
+tags: ["Beveridge curve", "DMP model", "job rationing", "labor-market tightness", "matching function", "matching model", "public employment", "Shimer puzzle", "unemployment", "unemployment insurance", "wage rigidity"]
 author: "Pascal Michaillat"
 description: "This course presents a matching model of unemployment and uses it to study unemployment fluctuations, efficient unemployment, and labor market policies." 
 summary: "This course presents a matching model of unemployment. It uses the model to study unemployment fluctuations; job rationing; efficient unemployment and unemployment gap; and labor market policies such as minimum wage, public employment, and unemployment insurance." 

content/officehours.md

@@ -1,6 +1,6 @@
 ---
 title: "Office Hours"
-date: 2024-12-10
+date: 2024-12-13
 url: /officehours/
 aliases:
     - /oh.html
@@ -12,7 +12,7 @@ hidemeta: true
 
 ---
 
-#### Schedule for Winter 2024 (starting 1/8/2025)
+#### Schedule for Winter 2025 (starting 1/8/2025)
 
 + Day: Wednesday
 + Time for ECON 182 students: 4:00pm–5:00pm

content/papers/1.md

@@ -1,14 +1,14 @@
 ---
 title: "Do Matching Frictions Explain Unemployment? Not in Bad Times" 
 date: 2012-06-01
-lastmod: 2024-10-01
+lastmod: 2024-12-13
 url: /1/
 aliases: 
     - /1.html
     - /uploads/7/0/2/0/70200055/1.pdf
     - /uploads/7/0/2/0/70200055/1a.pdf
     - /uploads/7/0/2/0/70200055/1p.pdf
-tags: ["business cycles", "DMP model", "frictional unemployment", "job rationing", "job vacancies", "matching model", "recessions", "rationing unemployment", "unemployment", "wage rigidity"]
+tags: ["business cycles", "DMP model", "frictional unemployment", "job rationing", "job vacancies", "matching model", "recessions", "rationing unemployment", "Shimer puzzle","unemployment", "wage rigidity"]
 author: "Pascal Michaillat"
 description: "This paper proposes a matching model of the labor market with job rationing: unemployment persists even without matching frictions. Published in AER, 2012." 
 summary: "This paper proposes a matching model of the labor market with job rationing: unemployment does not disappear in the absence of matching frictions. In recessions, job rationing drives the rise of unemployment, whereas matching frictions contribute little to it." 

public/1/index.html

@@ -6,7 +6,7 @@
 <meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no">
 <meta name="robots" content="index, follow">
 <title>Do Matching Frictions Explain Unemployment? Not in Bad Times | Pascal Michaillat</title>
-<meta name="keywords" content="business cycles, DMP model, frictional unemployment, job rationing, job vacancies, matching model, recessions, rationing unemployment, unemployment, wage rigidity">
+<meta name="keywords" content="business cycles, DMP model, frictional unemployment, job rationing, job vacancies, matching model, recessions, rationing unemployment, Shimer puzzle, unemployment, wage rigidity">
 <meta name="description" content="This paper proposes a matching model of the labor market with job rationing: unemployment persists even without matching frictions. Published in AER, 2012.">
 <meta name="author" content="Pascal Michaillat">
 <link rel="canonical" href="https://pascalmichaillat.org/1/">
@@ -24,7 +24,7 @@
 <meta property="og:url" content="https://pascalmichaillat.org/1/" />
 <meta property="og:image" content="https://pascalmichaillat.org/1s.png" /><meta property="article:section" content="papers" />
 <meta property="article:published_time" content="2012-06-01T00:00:00+00:00" />
-<meta property="article:modified_time" content="2024-10-01T00:00:00+00:00" />
+<meta property="article:modified_time" content="2024-12-13T00:00:00+00:00" />
 
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 <meta name="twitter:image" content="https://pascalmichaillat.org/1s.png" />
@@ -60,13 +60,13 @@
   "name": "Do Matching Frictions Explain Unemployment? Not in Bad Times",
   "description": "This paper proposes a matching model of the labor market with job rationing: unemployment persists even without matching frictions. Published in AER, 2012.",
   "keywords": [
-    "business cycles", "DMP model", "frictional unemployment", "job rationing", "job vacancies", "matching model", "recessions", "rationing unemployment", "unemployment", "wage rigidity"
+    "business cycles", "DMP model", "frictional unemployment", "job rationing", "job vacancies", "matching model", "recessions", "rationing unemployment", "Shimer puzzle", "unemployment", "wage rigidity"
   ],
   "articleBody": " Paper Online appendix Code and data Abstract This paper proposes a search-and-matching model of unemployment in which jobs are rationed: the labor market does not clear in the absence of matching frictions. This job shortage arises in an economic equilibrium from the combination of some wage rigidity and diminishing marginal returns to labor. In recessions, job rationing is acute, driving the rise in unemployment, whereas matching frictions contribute little to unemployment. Intuitively in recessions, jobs are lacking, the labor market is slack, and recruiting is easy and inexpensive, so matching frictions do not matter much. In a calibrated model, cyclical fluctuations in the composition of unemployment are large.\nFigure 5: Rationing and frictional unemployment in the United States, 1964–2009 Citation Michaillat, Pascal. 2012. “Do Matching Frictions Explain Unemployment? Not in Bad Times.” American Economic Review 102 (4): 1721–1750. https://doi.org/10.1257/aer.102.4.1721.\n@article{M12, author = {Pascal Michaillat}, year = {2012}, title = {Do Matching Frictions Explain Unemployment? Not in Bad Times}, journal = {American Economic Review}, volume = {102}, number = {4}, pages = {1721--1750}, url = {https://doi.org/10.1257/aer.102.4.1721}} Related material Presentation slides Nontechnical summary for CentrePiece PhD dissertation (2010) – My PhD dissertation at UC Berkeley is the basis for this paper. Chapter 2 in particular provides intuition for the main results of the paper based on an elementary, urn-ball model of the labor market. ",
   "wordCount" : "222",
   "inLanguage": "en",
   "image":"https://pascalmichaillat.org/1s.png","datePublished": "2012-06-01T00:00:00Z",
-  "dateModified": "2024-10-01T00:00:00Z",
+  "dateModified": "2024-12-13T00:00:00Z",
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     "@type": "Person",
     "name": "Pascal Michaillat"
@@ -224,6 +224,7 @@ <h5 id="related-material">Related material</h5>
       <li><a href="https://pascalmichaillat.org/tags/matching-model/">matching model</a></li>
       <li><a href="https://pascalmichaillat.org/tags/recessions/">recessions</a></li>
       <li><a href="https://pascalmichaillat.org/tags/rationing-unemployment/">rationing unemployment</a></li>
+      <li><a href="https://pascalmichaillat.org/tags/shimer-puzzle/">Shimer puzzle</a></li>
       <li><a href="https://pascalmichaillat.org/tags/unemployment/">unemployment</a></li>
       <li><a href="https://pascalmichaillat.org/tags/wage-rigidity/">wage rigidity</a></li>
     </ul>

public/courses/index.html

@@ -142,7 +142,7 @@ <h2 class="entry-hint-parent">Unemployment
   <div class="entry-content">
     <p>This course presents a matching model of unemployment. It uses the model to study unemployment fluctuations; job rationing; efficient unemployment and unemployment gap; and labor market policies such as minimum wage, public employment, and unemployment insurance.</p>
   </div>
-  <footer class="entry-footer"><span title='2024-12-11 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
+  <footer class="entry-footer"><span title='2024-12-13 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
   <a class="entry-link" aria-label="post link to Unemployment" href="https://pascalmichaillat.org/c1/"></a>
 </article>
 

public/courses/index.xml

@@ -11,12 +11,12 @@
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public/index.html

@@ -91,7 +91,7 @@
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         <h1>Pascal Michaillat</h1>
-        <span>I am an associate professor of economics at the University of California, Santa Cruz. I research why economic slack—especially unemployment—exists, why slack fluctuates over the business cycle, and how macroeconomic policies should respond to such fluctuations.</span><div class="social-icons" >
+        <span>I am an associate professor of economics at the University of California, Santa Cruz. My research primarily studies economic slack, especially unemployment: why it exists, why it fluctuates over the business cycle, and how macroeconomic policies should respond to such fluctuations.</span><div class="social-icons" >
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public/index.xml

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+      <title>Office Hours</title>
+      <link>https://pascalmichaillat.org/officehours/</link>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
+      <guid>https://pascalmichaillat.org/officehours/</guid>
+      <description>Schedule and location of Prof. Michaillat&amp;#39;s office hours at the University of California, Santa Cruz.</description>
+    </item>
     <item>
       <title>Unemployment</title>
       <link>https://pascalmichaillat.org/c1/</link>
-      <pubDate>Wed, 11 Dec 2024 00:00:00 +0000</pubDate>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
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       <description>This course presents a matching model of unemployment and uses it to study unemployment fluctuations, efficient unemployment, and labor market policies.</description>
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@@ -27,13 +34,6 @@
       <guid>https://pascalmichaillat.org/14/</guid>
       <description>This paper explains why a wave of in-migration reduces the employment rate of local workers, and why this reduction is larger in bad times.</description>
     </item>
-    <item>
-      <title>Office Hours</title>
-      <link>https://pascalmichaillat.org/officehours/</link>
-      <pubDate>Tue, 10 Dec 2024 00:00:00 +0000</pubDate>
-      <guid>https://pascalmichaillat.org/officehours/</guid>
-      <description>Schedule and location of Prof. Michaillat&amp;#39;s office hours at the University of California, Santa Cruz.</description>
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     <item>
       <title>Beveridgean Phillips Curve</title>
       <link>https://pascalmichaillat.org/15/</link>

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@@ -57,11 +57,11 @@
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-  "articleBody": " Schedule for Winter 2024 (starting 1/8/2025) Day: Wednesday Time for ECON 182 students: 4:00pm–5:00pm Time for other UCSC students: 3:00pm–4:00pm Location By default office hours take place in my office. I am also available for virtual meetings upon request. Those take place in my Zoom room.\nMeeting material If we are meeting to discuss research, please send me a written description of the work that you would like to discus. Presentation slides or paper draft are perfectly fine. If you do not have those, please send a one-page description of the research. If we have already met in the past to discuss research, please send me an update on your work since our previous meeting. Include responses to each point on your to-do list from the previous meeting. Please send me the material by 8pm on the evening before our meeting. ",
+  "articleBody": " Schedule for Winter 2025 (starting 1/8/2025) Day: Wednesday Time for ECON 182 students: 4:00pm–5:00pm Time for other UCSC students: 3:00pm–4:00pm Location By default office hours take place in my office. I am also available for virtual meetings upon request. Those take place in my Zoom room.\nMeeting material If we are meeting to discuss research, please send me a written description of the work that you would like to discus. Presentation slides or paper draft are perfectly fine. If you do not have those, please send a one-page description of the research. If we have already met in the past to discuss research, please send me an update on your work since our previous meeting. Include responses to each point on your to-do list from the previous meeting. Please send me the material by 8pm on the evening before our meeting. ",
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+  "dateModified": "2024-12-13T00:00:00Z",
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@@ -172,7 +172,7 @@ <h1 class="post-title entry-hint-parent">
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   </header> 
   <div class="post-content"><hr>
-<h4 id="schedule-for-winter-2024-starting-182025">Schedule for Winter 2024 (starting 1/8/2025)</h4>
+<h4 id="schedule-for-winter-2025-starting-182025">Schedule for Winter 2025 (starting 1/8/2025)</h4>
 <ul>
 <li>Day: Wednesday</li>
 <li>Time for ECON 182 students: 4:00pm–5:00pm</li>

public/papers/index.xml

@@ -11,7 +11,7 @@
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       <title>Modeling Migration-Induced Unemployment</title>