Stock-flow matching

• 成果类型: Article
• 署名作者: Ebrahimy, Ehsan; Shimer, Robert
• 署名单位: University of Chicago
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2010.02.012
• 发表日期: 2010
• 页码: 1325-1353
• 关键词: unemployment; VACANCIES; worker flows; aggregation; business cycles; labor market; Beveridge curve; Matching function

摘要

We develop the implications of the stock flow matching model for unemployment, vacancies, and worker flows. Workers and jobs are heterogeneous, so most worker-job pairs cannot profitably match, leading to the coexistence of unemployment and vacancies. Productivity shocks cause fluctuations in the number of jobs, which in turn cause fluctuations in other labor market variables. We derive exact expressions for employment and for worker transition rates in a finite economy and analyze their limiting behavior in a large economy. A calibrated version of the model is consistent with the observed co-movement and volatility of labor market variables. (C) 2010 Elsevier Inc. All rights reserved.