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Evidence and Theory on Asymmetries in US Aggregate Job Flows

Author

Listed:
  • Fabrice Collard

    () (CEPREMAP)

  • Patrick Fève

    () (Nantes University and CEPREMAP)

  • François Langot

    () (University of Le Mans and CEPREMAP)

  • Corrine Perraudin

    () (CEPREMAP)

Abstract

Recent studies of aggregate job flows in the US economy indicate that (i) specific sectoral shocks are important to account for aggregate job flows dynamics and (ii) aggregate creation and destruction dynamics display significant non-linearities. This paper aims to study whether a simple matching model in the labor market extended to firm heterogeneity and endogenous firings can account for these findings. Each firm chooses endogenously its level of hiring or firing depending on the level of sectoral shocks. Such a non-differentiability in policy rules allows, via aggregation, accounting for non-linear dynamics in aggregate job flows. The deep parameters of the model are then estimated using a simulated based estimation and testing method. We then show that the model is able to match the observed non-linear dynamics in aggregate job flows for a high enough level of heterogeneity.

Suggested Citation

  • Fabrice Collard & Patrick Fève & François Langot & Corrine Perraudin, 1999. "Evidence and Theory on Asymmetries in US Aggregate Job Flows," Computing in Economics and Finance 1999 1221, Society for Computational Economics.
  • Handle: RePEc:sce:scecf9:1221
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    1. Kandori, Michihiro & Mailath, George J & Rob, Rafael, 1993. "Learning, Mutation, and Long Run Equilibria in Games," Econometrica, Econometric Society, vol. 61(1), pages 29-56, January.
    2. Hammerstein, Peter & Selten, Reinhard, 1994. "Game theory and evolutionary biology," Handbook of Game Theory with Economic Applications,in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 2, chapter 28, pages 929-993 Elsevier.
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