登入選單

返回Google圖書搜尋

Business Cycle Asymmetries and the Labor Market

Britta KohlbrecherChristian Merkl

出版	Friedrich-Alexander-Universität Erlangen-Nürnberg, Institute for Economics, 2022
URL	http://books.google.com.hk/books?id=igEhzwEACAAJ&hl=&source=gbs_api

註釋

This paper shows that a search and matching model with idiosyncratic training cost shocks can explain the asymmetric movement of the job-finding rate over the business cycle and the decline of matching efficiency in recessions. Large negative aggregate shocks move the hiring cutoff into a part of the training cost distribution with higher density. The position of the hiring cutoff in the distribution is disciplined by the empirical elasticity of the job-finding rate with respect to market tightness. Our model explains a large fraction of the matching efficiency decline during the Great Recession and generates state-dependent effects of policy interventions.