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A peer-reviewed quarterly journal publishing articles by academics and practitioners.
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Type: IFS Working Papers Authors: Jeremy Lise and Jean-Marc Robin
JEL classification: E24, E32, J63, J64 Keywords: On-the-job search, heterogeneity, aggregate fluctuations, mis-match
We develop an equilibrium model of on-the-job search with ex-ante heterogeneous workers and firms, aggregate uncertainty and vacancy creation. The model produces rich dynamics in which the distributions of unemployed workers, vacancies and worker-firm matches evolve stochastically over time. We prove that the surplus function, which fully characterises the match value and the mobility decision of workers, does not depend on these distributions. We estimate the model on US labour market data from 1951-2007 and predict the fit for 2008-12. We use the model to measure the cyclicality of mismatch between workers and jobs. Search |
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