Gross Worker Flows over the Business Cycle

• 成果类型: Article
• 署名作者: Krusell, Per; Mukoyama, Toshihiko; Rogerson, Richard; Sahin, Aysegul
• 署名单位: University of Gothenburg; Stockholm University; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Georgetown University; University of Virginia; Princeton University; Federal Reserve System - USA; Federal Reserve Bank - New York
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20121662
• 发表日期: 2017
• 页码: 3447-3476
• 关键词: unemployment-insurance; job destruction; EMPLOYMENT; cyclicality; search; MODEL; PARTICIPATION; fluctuations; BEHAVIOR; creation

摘要

We build a hybrid model of the aggregate labor market that features both standard labor supply forces and frictions in order to study the cyclical properties of gross worker flows across the three labor market states: employment, unemployment, and nonparticipation. Our parsimonious model is able to capture the key features of the cyclical movements in gross worker flows. Despite the fact that the wage per efficiency unit is constant over time, intertemporal substitution plays an important role in shaping fluctuations in the participation rate.