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Labor Market Matching under Imperfect Information

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  • Tim Willems

    (University of Amsterdam)

Abstract

Recent research has shown that the standard labor matching model hasdifficulties in reproducing the co-movement patterns observed in US data. Thisis due to the fact that the standard model lacks sufficient propagation of shocks.This paper shows that refining the informational structure of the model leadsto improvements along this dimension: when agents cannot separately identifypersistent and transitory technology shocks on impact (so that they must solvea signal extraction problem), shocks are propagated. Under this specificationthe standard matching model even manages to make recoveries initially jobless,as in the data.

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Bibliographic Info

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 10-098/2.

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Date of creation: 30 Sep 2010
Date of revision: 13 May 2011
Handle: RePEc:dgr:uvatin:20100098

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Web page: http://www.tinbergen.nl

Related research

Keywords: imperfect information; labor market matching; signal extraction; jobless growth;

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Cited by:
  1. Christian Glocker, 2012. "Unemployment compensation and aggregate fluctuations," International Review of Economics, Springer, vol. 59(1), pages 21-39, March.

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