Declining Search Frictions, Unemployment, and Growth

• 成果类型: Article
• 署名作者: Martellini, Paolo; Menzio, Guido
• 署名单位: University of Pennsylvania; New York University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/710975
• 发表日期: 2020
• 页码: 4387-4437
• 关键词: equilibrium search; job; allocation; EFFICIENCY; VACANCIES

摘要

For a search-theoretic model of the labor market, we seek conditions for the existence of a balanced growth path (BGP), where unemployment, vacancy, and worker's transitions rates remain constant in the face of improvements in the production and search technologies. A BGP exists iff firm-worker matches are inspection goods and the quality of a match is drawn from a Pareto distribution. Declining search frictions contribute to growth with an intensity determined by the tail coefficient of the Pareto distribution. We develop a strategy to measure the rate of decline of search frictions and their contribution to growth.