Hello everyone,

I am working on a New Keynesian model with search and matching friction in the labor market. I would like to calibrate the model using US data and I found in a paper that the monthly probability of finding a job is 56.30%. However, my model is specified in quarters and not monthly.

Now I am confused about how to target the job finding variable in the model. Can anyone suggest how to aggregate monthly rates in quarterly?

Thank you all for your help