LIFE-CYCLE LABOR SEARCH WITH STOCHASTIC MATCH QUALITY

• 成果类型: Article
• 署名作者: Esteban-Pretel, Julen; Fujimoto, Junichi
• 署名单位: National Graduate Institute for Policy Studies; University of Tokyo
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12062
• 发表日期: 2014
• 页码: 575-599
• 关键词: equilibrium unemployment; cyclical behavior

摘要

In the United States, unemployment, job finding, and separation rates decline as worker age increases. To explain these facts, we build a search and matching model of the labor market that incorporates a life-cycle structure and features random match quality as well as human capital accumulation. The calibrated model successfully reproduces the empirical patterns of unemployment and job transition rates over the life cycle and generates plausible wage implications. We then explore the efficiency implications of the model and find that the differences between the market and planner allocations are more important for older workers.