Can the Mortensen-Pissarides matching model match the business-cycle facts?

• 成果类型: Article
• 署名作者: Cole, HL; Rogerson, R
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Pennsylvania
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/1468-2354.00048
• 发表日期: 1999
• 页码: 933-959
• 关键词: job destruction; cyclical behavior; labor-market; search; unemployment; turnover; creation; reallocation; EFFICIENCY; FLOWS

摘要

We examine whether the Mortensen-Pissarides matching model can account for the business-cycle facts on employment, job creation, and job destruction. A novel feature of our analysis is its emphasis on the reduced-form implications of the matching model. Our main finding is that the model can account for the business-cycle facts, but only if the average duration of a nonemployment spell is relatively high-about 9 months or longer.