A Competitive Theory of Employment Dynamics
AbstractThe authors develop a model of search and unemployment in an economy consisting of a large number of spatially separated local competitive labor markets and aggregate uncertainty. If aggregate shocks are positively autocorrelated, the implied cyclical behavior of the aggregate variables match those of empirical studies: worker movement and job creation are procyclical while total unemployment, job destruction, and job reallocation are countercyclical. Copyright 1997 by The Review of Economic Studies Limited.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Review of Economic Studies.
Volume (Year): 64 (1997)
Issue (Month): 1 (January)
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- Carrillo-Tudela, Carlos & Visschers, Ludo, 2013.
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