Exogenous versus Endogenous Separation

• 成果类型: Article
• 署名作者: Fujita, Shigeru; Ramey, Garey
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of California System; University of California San Diego
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.4.4.68
• 发表日期: 2012
• 页码: 68-93
• 关键词: labor-market; cyclical behavior; equilibrium unemployment; business cycles; job destruction; search; MODEL; volatility

摘要

This paper assesses how various approaches to modeling the separation margin affect the quantitative ability of the Mortensen-Pissarides labor matching model. The model with a constant separation rate fails to produce realistic volatility and productivity responsiveness of the separation rate and worker flows. The specification with endogenous separation succeeds along these dimensions. Allowing for on-the-job search enables the model to replicate the Beveridge curve. All specifications, however, fail to generate sufficient volatility of the job finding rate. While adopting the Hagedorn-Manovskii calibration remedies this problem, the volume of job-to-job transitions in the on-the-job search specification becomes essentially zero. (JEL E24, J41, J64)