Labour Market Frictions, Firm Growth, and International Trade

• 成果类型: Article
• 署名作者: Fajgelbaum, Pablo D.
• 署名单位: University of California System; University of California Los Angeles; National Bureau of Economic Research
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rdz063
• 发表日期: 2020
• 页码: 1213-1260
• 关键词: monopolistic competition; wage distributions; equilibrium search; worker flows; Job turnover; MODEL; unemployment; DYNAMICS; aggregate; reallocation

摘要

I study the aggregate effects of labour market frictions in a small open economy where firms grow slowly and make fixed export investments. The model features interactions between dynamic investments in exporting and search frictions with job-to-job mobility. Acalibration to Argentina's economy matching data on firm growth, worker transitions between firms, and export dynamics suggests that the real income gains from lowering frictions in job-to-job transitions are about seven times larger than comparable reductions in frictions from unemployment. Barriers to worker mobility across firms matter for the real income gains of trade-cost reductions.