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首页> 外文期刊>Journal of Economic Dynamics and Control >Labor-market volatility in the search-and-matching model: The role of investment-specific technology shocks
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Labor-market volatility in the search-and-matching model: The role of investment-specific technology shocks

机译：搜索和匹配模型中的劳动力市场波动：特定于投资的技术冲击的作用

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Shocks to investment-specific technology have been identified as a main source of U.S. aggregate output volatility. In this paper, we present a model with frictions in the labor market and explore the contribution of these shocks to the volatility of labor market variables, namely, unemployment, vacancies, tightness and the job-finding rate. Thus, our paper contributes to a recent body of literature assessing the ability of the search-and-matching model to account for the large volatility observed in labor market variables. To this aim, we solve a neoclassical economy with search and matching, where neutral and investment-specific technologies are subject to shocks. The three key features of our model economy are: (ⅰ) Firms are large, in the sense that they employ many workers. (ⅱ) Adjusting capital and labor is costly. (ⅲ) Wages are the outcome of an intra-firm Nash-bargaining problem between the firm and its workers. In our calibrated economy, we find that shocks to investment-specific technology explain 40% of the observed volatility in U.S. labor productivity. Moreover, these shocks generate relative volatilities in vacancies and the workers' job finding rate which match those observed in U.S. data. Relative volatilities in unemployment and labor market tightness are 55% and 75% of their empirical values, respectively.
机译：投资特定技术的冲击已被确定为美国总产出波动的主要来源。在本文中，我们提出了一个具有劳动力市场摩擦的模型，并探讨了这些冲击对劳动力市场变量（即失业，空缺，紧张和找工作率）波动的影响。因此，我们的论文为评估搜索和匹配模型解决劳动力市场变量中观察到的大幅波动的能力的最新文献做出了贡献。为此，我们通过搜索和匹配解决了新古典主义经济，中立和特定于投资的技术会受到冲击。我们的模范经济的三个关键特征是：（ⅰ）在雇用许多工人的意义上说，公司是大型的。 （ⅱ）调整资本和劳动力成本很高。 （ⅲ）工资是公司与其工人之间的公司内部纳什讨价还价问题的结果。在我们经过校准的经济中，我们发现对特定于投资的技术的冲击解释了观察到的美国劳动生产率波动的40％。此外，这些冲击会导致职位空缺和工人的求职率相对波动，这与美国数据中观察到的相符。失业和劳动力市场紧张的相对波动率分别是其经验值的55％和75％。

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