Search Frictions, Employment Fluctuations and Labor Market Policy

我们首先使用Robert Shimer开发的方法估计了日本劳动力市场的求职和就业退出概率。研究发现，这些估计的就业概率的波动性不能用对工人生产率和就业退出率产生冲击的标准失业搜索模型来解释。然后，我们基于工人和企业之间的双边激励问题，发展了一种新的工资价值刚性理论。在日本和美国的劳动力市场数据中发现，具有这种新机制的失业搜索模型变体可以产生较大的失业率波动。

We first estimate the job finding and employment exit probabilities in Japanese labor markets using the methods developed by Robert Shimer. It is found that the volatility of those estimated job finding probabilities cannot be explained by the standard search model of unemployment with shocks to worker productivity and employment exit rates. We then develop a new theory of wage value rigidity based on two-sided incentive problems between a worker and firm. It is found that a variant of search models of unemployment with such a new mechanism can generate large fluctuations of unemployment as observed in data of Japanese and the U.S. labor markets.