Life-Cycle Equilibrium Unemployment

• 成果类型: Article
• 署名作者: Cheron, Arnaud; Hairault, Jean-Olivier; Langot, Francois
• 署名单位: Le Mans Universite; Universite Catholique de Lille; EDHEC Business School; Paris School of Economics; heSam Universite; Universite Pantheon-Sorbonne
• 刊物名称: JOURNAL OF LABOR ECONOMICS
• ISSN/ISSBN: 0734-306X
• DOI: 10.1086/669941
• 发表日期: 2013
• 页码: 843-882
• 关键词: matching model; EFFICIENCY; search; PRODUCTIVITY; EMPLOYMENT

摘要

This paper extends the job creation--job destruction approach to the labor market to take into account a deterministic finite horizon. As hirings and separations depend on the time over which investment costs can be recouped, the life-cycle setting implies age-differentiated labor-market flows. While search by the unemployed falls with age, the separation rate is rather U-shaped over the life cycle. Worker heterogeneity in the context of undirected search implies an intergenerational externality, which is not eliminated by the Hosios condition. We show that age-specific policies are required to attain the first-best allocation.