Search Frictions, Employment Fluctuations and Labor Market Policy

我们首先使用罗伯特·希默开发的方法估计了日本劳动力市场上的找工作和就业退出的概率。研究发现，这些估计的找到工作概率的波动性不能用标准的失业搜索模型来解释，因为失业会对工人生产率和就业离职率造成冲击。然后，我们基于工人和企业之间的双边激励问题，发展了一个新的工资价值刚性理论。在日本和美国劳动力市场的数据中发现，采用这种新机制的失业搜索模型的变体可以产生很大的失业率波动。

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.