A three state model of worker flows in general equilibrium

• 成果类型: Article
• 署名作者: Krusell, Per; Mukoyama, Toshihiko; Rogerson, Richard; Sahin, Ayseguel
• 署名单位: Arizona State University; Arizona State University-Tempe; National Bureau of Economic Research; University of Virginia; Federal Reserve System - USA; Federal Reserve Bank - New York
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2010.09.003
• 发表日期: 2011
• 页码: 1107-1133
• 关键词: labor supply; labor market frictions

摘要

We develop a simple model featuring search frictions and a nondegenerate labor supply decision along the extensive margin. The model is a standard version of the neoclassical growth model with indivisible labor and idiosyncratic productivity shocks and frictions characterized by employment loss and employment opportunity arrival shocks. We argue that it is able to account for the key features of observed labor market flows for reasonable parameter values. Persistent idiosyncratic productivity shocks play a key role in allowing the model to match the persistence of the employment and out of the labor force states found in individual labor market histories. (C) 2010 Elsevier Inc. All rights reserved.