a structural model of aggregate us job flows: another look (replication data)

A recent article (Collard et al., 2002) published in this journal presented a structural model of aggregate job flows. Unrestricted estimation of the model yields parameter estimates that would imply an unemployment rate of 99%. Instead of solving this problem by fixing one of the parameters, as originally attempted by the authors, I add moments regarding the employment rate. The new results call for a re-evaluation of the model.