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Job Matching with Multiple-Hiring Firms and Heterogeneous Workers: A Microfoundation

  • Kenjiro Hori

    (Department of Economics, Mathematics & Statistics, Birkbeck)

The traditional search models that consider coordination failure of firms consisting of single jobs, are inadequate when applied to large firms. In this paper a firm-level matching function is derived for firms with multiple vacancies, by introducing heterogeneity in jobs and workers. Firms face diminishing returns to hiring success, which allows us to determine firm-size endogenously. The derived aggregate matching function exhibits constant returns to scale. The main macroeconomic results of the traditional search models are also shown to survive in this model of large firms. The paper thus provides a microfoundation to the macroeconomic job-matching literature.

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File URL: http://www.bbk.ac.uk/ems/research/wp/PDF/BWPEF%200514.pdf
File Function: First version, 2005
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Paper provided by Birkbeck, Department of Economics, Mathematics & Statistics in its series Birkbeck Working Papers in Economics and Finance with number 0514.

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Date of creation: Oct 2005
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Handle: RePEc:bbk:bbkefp:0514
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  1. Daniel Munich & Jan Svejnar & Katherine Terrell, 1999. "Worker-firm Matching and Unemployment in Transition to a Market Economy: (Why) Are the Czechs More Successful than Others?," CERGE-EI Working Papers wp141, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
  2. Olivier Jean Blanchard & Peter A. Diamond, 1989. "The Aggregate Matching Function," NBER Working Papers 3175, National Bureau of Economic Research, Inc.
  3. Barbara Petrongolo & Christopher Pissarides, 2000. "Looking into the black box: a survey of the matching function," LSE Research Online Documents on Economics 2122, London School of Economics and Political Science, LSE Library.
  4. HAMILTON, Jonathan & THISSE, Jacques-François & ZENOU, Yves, . "Wage competition with heterogeneous workers and firms," CORE Discussion Papers RP -1463, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Blanchard, O.J. & Diamond, P., 1990. "Ranking, Unemployment Duration, And Wages," Working papers 546, Massachusetts Institute of Technology (MIT), Department of Economics.
  6. Moen, E.R., 1995. "Competitive Search Equilibrium," Memorandum 37/1995, Oslo University, Department of Economics.
  7. Steven C. Salop, 1979. "Monopolistic Competition with Outside Goods," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 141-156, Spring.
  8. Benoit Julien & John Kennes & Ian King, 2000. "Bidding for Labor," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(4), pages 619-649, October.
  9. Nielsen, Lars Tyge, 1999. "Pricing and Hedging of Derivative Securities," OUP Catalogue, Oxford University Press, number 9780198776192, March.
  10. Gregg, P & Petrongolo, B, 1997. "Random or Non-Random Matching? Implications for the Use of the UV Curve as a Measure of Matching Performance," Papers 13, Centre for Economic Performance & Institute of Economics.
  11. Warren, Ronald Jr., 1996. "Returns to scale in a matching model of the labor market," Economics Letters, Elsevier, vol. 50(1), pages 135-142, January.
  12. Acemoglu, Daron & Shimer, Robert, 2000. "Wage and Technology Dispersion," Review of Economic Studies, Wiley Blackwell, vol. 67(4), pages 585-607, October.
  13. Coles, Melvyn G & Smith, Eric, 1998. "Marketplaces and Matching," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(1), pages 239-54, February.
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