Search frictions: Matching aggregate and establishment observations

• 成果类型: Article
• 署名作者: Cooper, Russell; Haltiwanger, John; Willis, Jonathan L.
• 署名单位: University of Texas System; University of Texas Austin; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; Federal Reserve System - USA
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2007.06.002
• 发表日期: 2007
• 页码: S56-S78
• 关键词: labor search; adjustment costs; EMPLOYMENT

摘要

We estimate a search model to match hours, employment, vacancies and unemployment at the micro- and macrolevels. We establish a set of facts concerning the variability of unemployment and vacancies in the aggregate and the distribution of net employment growth and the comovement of hours and employment growth at the establishment level. A search model with non-convex costs of posting vacancies, establishment-level profitability shocks and a contracting framework to set hours provides a structure to understand these observations. The estimated model is able to capture both the aggregate and establishment-level facts. (C) 2007 Elsevier B.V. All rights reserved.