Directed search with multi-vacancy firms

• 成果类型: Article
• 署名作者: Lester, Benjamin
• 署名单位: Western University (University of Western Ontario)
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2010.07.002
• 发表日期: 2010
• 页码: 2108-2132
• 关键词: Directed search; matching; Vacancies and unemployment; firm size

摘要

I construct a directed search model in which firms decide whether to enter a market and how many positions to create. Within this framework, the number of firms and the size of each firm are determined endogenously, wages play an allocative role in the matching process, and the frictions inherent in this process derive from the equilibrium behavior of workers and firms. I characterize the (unique) equilibrium. Comparative statics generate testable implications for cross-sectional variation in matching efficiency, as well as the dynamic behavior of vacancies and unemployment. Moreover, allowing for ex-ante heterogeneity across firms, the model can easily and naturally generate the observed relationship between firm size, wages, profitability, and hiring. (C) 2010 Elsevier Inc. All rights reserved.