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Life-Cycle Labor Search with Stochastic Match Quality

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Author Info

  • Julen Esteban-Pretel

    (National Graduate Institute for Policy Studies)

  • Junichi Fujimoto

    (Faculty of Economics, University of Tokyo)

Abstract

Unemployment, job nding, and job separation rates exhibit patterns of decline as worker age increases in the U.S. We build and numerically simulate a search and matching model of the labor market that incorporates a life-cycle structure to account for these empirical facts. The model features random match quality, which, with positive probability, is not revealed until production takes place. We show that the model, calibrated to U.S. data, is able to reproduce the empirical patterns of unem- ployment and job transition rates over the entire life-cycle. Both decreasing distance to retirement as a worker ages, and ex ante unknown match quality, are essential in delivering these results. We then explore, both analytically and numerically, the eciency implications of the model.

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Bibliographic Info

Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-783.

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Length: 34pages
Date of creation: Jan 2011
Date of revision:
Handle: RePEc:tky:fseres:2010cf783

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Blog mentions

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  1. Life-Cycle Labor Search with Stochastic Match Quality
    by Christian Zimmermann in NEP-DGE blog on 2011-02-03 01:48:35
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Cited by:
  1. Carlos Carrillo-Tudela, 2012. "Unemployment and Endogenous Reallocation over the Business Cycle," 2012 Meeting Papers 1045, Society for Economic Dynamics.
  2. Jung, Philip & Kuhn, Moritz, 2012. "Earnings Losses and Labor Mobility over the Lifecycle," IZA Discussion Papers 6835, Institute for the Study of Labor (IZA).
  3. Guido Menzio & Irina A. Telyukova & Ludo Visschers, 2012. "Directed Search over the Life Cycle," PIER Working Paper Archive 12-002, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.

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