Modeling and Simulating Labor Market Dynamics.

本研究是关于就业调整的定量分析。理论分析集中在提供的工作和工人寻找工作的异质性的后果。劳动力市场被建模为这些异质的工作岗位和工人之间的随机匹配过程。我们发现，在一般的纳什均衡产生社会效率低下的结果，准确的方式，其中出现的效率取决于微妙的异质性的性质。该理论模型被应用于日本劳动力市场动态的分析。模拟模型由代表商业周期的资本生产率的AR（1）过程驱动。该模型还明确考虑了不同年龄和性别的劳动生产率和外生分离率的差异。该模型成功地捕捉到了日本劳动力市场动态的横截面和跨期风格化事实。

The research is concerned with quantitative analysis of employment adjustment. Theoretical analysis focused on the consequences of heterogeneity of the jobs offered and workers seeking the jobs. The labor market is modeled as stochastic matching processes among these heterogenous job slots and workers. We find that in general the Nash equilibrium yields socially inefficient outcomes; the precise way in which the inefficiency arise depends delicately upon the nature of heterogeneity. The theoretical model is applied for the analysis of the labor market dynamics in Japan. The simulation model is driven by a AR(1) process in capital productivity representing the business cycle. The model also explicitly takes account of differences in labor productivity and exogenous separation rate across age and sex. The model successfully captures cross sectional and intertemporal stylited facts about labor market dynamics in Japan.