Question: In this setting, ut is interpreted as the total number of unemployed workers, and vt is the total number of vacancies. Let v/u, and let

In this setting, ut is interpreted as the total number of unemployed workers, and vt is the total number of vacancies. Let v/u, and let q() = m(u, v)/v be the probability that a vacant job (or firm) will meet a worker. Similarly, let q() = m(u, v)/u be the probability that an unemployed worker is matched with a vacant job. Jobs are exogenously destroyed with probability s

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