AbstractWe develop the implications of the stock-flow matching model for unemployment, vacancies, and worker flows. Workers and jobs are heterogeneous, so most worker-job pairs cannot profitably match, leading to the coexistence of unemployment and vacancies. Productivity shocks cause fluctuations in the number of jobs, which in turn cause fluctuations in other labor market variables. We derive exact expressions for employment and for worker transition rates in a finite economy and analyze their limiting behavior in a large economy. A calibrated version of the model is consistent with the observed co-movement and volatility of labor market variables.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 145 (2010)
Issue (Month): 4 (July)
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Web page: http://www.elsevier.com/locate/inca/622869
Unemployment Vacancies Worker flows Aggregation Business cycles Labor market Beveridge curve Matching function;
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- Carlos Carrillo-Tudela & Ludo Visschers, 2013.
"Unemployment and Endogenous Reallocation over the Business Cycle,"
CESifo Working Paper Series
4079, CESifo Group Munich.
- Carlos Carrillo-Tudela & Ludo Visschers, 2013. "Unemployment and endogenous reallocation over the business cycle," Economics Working Papers we1302, Universidad Carlos III, Departamento de Economía.
- Carrillo-Tudela, Carlos & Visschers, Ludo, 2013. "Unemployment and Endogenous Reallocation over the Business Cycle," IZA Discussion Papers 7124, Institute for the Study of Labor (IZA).
- Carlos Carrillo-Tudela, 2012. "Unemployment and Endogenous Reallocation over the Business Cycle," 2012 Meeting Papers 1045, Society for Economic Dynamics.
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- Ludo Visschers & Carlos Carrillo-Tudela, 2011. "Unemployment and Endogenous Reallocation over the Business Cycle," 2011 Meeting Papers 1101, Society for Economic Dynamics.
- Álvarez de Toledo, Pablo & Núñez, Fernando & Usabiaga, Carlos, 2013. "Labour Market Segmentation, Clusters, Mobility and Unemployment Duration with Individual Microdata," MPRA Paper 46003, University Library of Munich, Germany.
- Carlos Usabiaga & Fernando Núñez & Pablo Álvarez de Toledo, 2013. "Segmentación del mercado de trabajo, clusters, movilidad y duración de desempleo con datos individuales," Economic Working Papers at Centro de Estudios Andaluces E2013/02, Centro de Estudios Andaluces.
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