Aggregate labor market outcomes: The roles of choice and chance

• 成果类型: Article
• 署名作者: Krusell, Per; Mukoyama, Toshihiko; Rogerson, Richard; Sahin, Ayseguel
• 署名单位: National Bureau of Economic Research; University of Virginia; Arizona State University; Arizona State University-Tempe; Federal Reserve System - USA; Federal Reserve Bank - New York
• 刊物名称: QUANTITATIVE ECONOMICS
• ISSN/ISSBN: 1759-7323
• DOI: 10.3982/QE7
• 发表日期: 2010
• 页码: 97-127
• 关键词: labor supply; labor market frictions; taxes

摘要

Commonly used frictional models of the labor market imply that changes in frictions have large effects on steady state employment and unemployment. We use a model that features both frictions and an operative labor supply margin to examine the robustness of this feature to the inclusion of an empirically reasonable labor supply channel. The response of unemployment to changes in frictions is similar in both models, but the labor supply response present in our model greatly attenuates the effects of frictions on steady state employment relative to the simplest matching model and two common extensions. We also find that the presence of empirically plausible frictions has virtually no impact on the response of aggregate employment to taxes.