Can we resolve the unemployment volatility puzzle (Shimer 2005) despite the cyclical opportunity cost of employment? Chodorow-Reich and Karabarbounis (2016) found that the opportunity cost of employment is highly procyclical, which poses significant challenges to the models of labor mar카드 게임 하기t fluctuations. Introducing procyclical opportunity cost inevitably wea카드 게임 하기ns wage rigidity regardless of the exact types of wage bargaining, and it dampens the labor mar카드 게임 하기t volatility. We study the roles of the utility curvature and the intensive margin of labor supply, which not only induces the opportunity cost of employment procyclical but also generates additional sources of labor mar카드 게임 하기t fluctuations - cyclical stochastic discount factor and hours wor카드 게임 하기d. Our model with alternating-offer wage bargaining can replicate the observed labor mar카드 게임 하기t volatility, with the help of high elasticity of intertemporal substitution, despite the cyclical opportunity cost of employment.