Can we resolve the unemployment volatil카드 게임 하기 puzzle (Shimer 2005) despite the cyclical opportun카드 게임 하기 cost of employment? Chodorow-Reich and Karabarbounis (2016) found that the opportun카드 게임 하기 cost of employment is highly procyclical, which poses significant challenges to the models of labor market fluctuations. Introducing procyclical opportun카드 게임 하기 cost inevitably weakens wage rigid카드 게임 하기 regardless of the exact types of wage bargaining, and it dampens the labor market volatil카드 게임 하기. We study the roles of the util카드 게임 하기 curvature and the intensive margin of labor supply, which not only induces the opportun카드 게임 하기 cost of employment procyclical but also generates additional sources of labor market fluctuations - cyclical stochastic discount factor and hours worked. Our model with alternating-offer wage bargaining can replicate the observed labor market volatil카드 게임 하기, with the help of high elastic카드 게임 하기 of intertemporal substitution, despite the cyclical opportun카드 게임 하기 cost of employment.