Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/250483 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 14822
Verlag: 
Institute of Labor Economics (IZA), Bonn
Zusammenfassung: 
This study demonstrates that nonlinearities, coupled with worker heterogeneity, make it possible to reconcile the Diamond–Mortensen–Pissarides model with the labor market dynamics observed in the United States. Nonlinearities, induced by firings and downward real wage rigidities, magnify adjustments in quantities, whereas heterogeneity concentrates them on the low-paid workers' submarkets. The model fits the job finding, job separation, and unemployment rates well. It also explains the Beveridge curve's dynamics and the cyclicality of the involuntary component of separations. The estimated dynamics of the aggregate shock that allows generating the US labor market fluctuations has a correlation with unemployment that changes of sign during the 80s. We also show that the differences in adjustment between submarkets predicted by the model are consistent with the data of job flows by educational attainment.
Schlagwörter: 
search and matching
unemployment dynamics
nonlinearities
particle filter
maximum likelihood estimation
JEL: 
C51
E24
E32
Dokumentart: 
Working Paper

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