State Dependence in Labor Market Fluctuations
State Dependence in Labor Market Fluctuations
复制标题
劳动力市场波动中的国家依赖性
DOI：
10.1111/iere.12448
复制
发表时间：
2020
期刊：
影响因子：
--
通讯作者：
Francesco Zanetti
中科院分区：
文献类型：
--
作者：
C. Pizzinelli;Konstantinos Theodoridis;Francesco Zanetti
这篇文章记录了劳动力市场波动中的国家依赖。通过使用阈值向量自回归（TVAR）模型，我们发现，在总生产率较低的时期，失业率、离职率和就业率（JFR）对生产率冲击的反应较大。一个包含内生性工作分离和在职搜索的Diamond-Mortensen-Pissarides模型很好地复制了这些经验。我们校准了模型，以匹配TVAR中生产率冲击解释的工作转换率的标准差，并表明该模型解释了失业率中88%的国家依赖性，76%的离职率和36%的JFR。在工作分离和JFR中，支撑状态依赖的关键渠道是企业保留生产率水平和特定匹配特质生产率分布的相互作用。结果在基线模型的几个变化中具有稳健性。
This article documents state dependence in labor market fluctuations. Using a Threshold Vector Autoregression (TVAR) model, we establish that the unemployment rate, the job separation rate, and the job‐finding rate (JFR) exhibit a larger response to productivity shocks during periods with low aggregate productivity. A Diamond–Mortensen–Pissarides model with endogenous job separation and on‐the‐job search replicates these empirical regularities well. We calibrate the model to match the standard deviation of the job‐transition rates explained by productivity shocks in the TVAR, and show that the model explains 88% of the state dependence in the unemployment rate, 76% for the separation rate and 36% for the JFR. The key channel underpinning state dependence in both job separation and JFRs is the interaction of the firm's reservation productivity level and the distribution of match‐specific idiosyncratic productivity. Results are robust across several variations to the baseline model.
影响因子：
10.7
作者：
Justiniano, Alejandro;Primiceri, Giorgio E.
通讯作者：
Primiceri, Giorgio E.