Chapter 18 Job reallocation, employment fluctuations and unemployment

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1、Chapter18JOBREALLOCATION,EMPLOYMENTFLUCTUATIONSANDUNEMPLOYMENT*DALET.MORTENSENNorthwesternUniversityCHRISTOPHERA.PISSARIDESLondonSchoolofEconomicsContentsAbstract1172Keywords1172Introduction11731.OECDfacts11742.Theequilibriumrateofunemployment11832.1

2、.Jobdestructionandjobcreationconditions11852.2.GeneralizedNashbargaining11882.3.Fundamentaldeterminantsofunemployment11923.Employmentfluctuations11943.1.Stochasticequilibrium11943.2.TheBeveridgecurve11963.3.Jobcreationandjobdestructionflows11973.4.Qu

3、itsandworkerflows11984.Explainingthedata12004.1.Explainingjobflowsdata12014.2.Capitalaccumulationandshockpropagation12035.Technologicalprogressandjobreallocation12075.1.Disembodiedtechnology12085.2.Adoptionthrough"creativedestruction"12106.OECDunempl

4、oymentdifferences12136.1.'Skill-biased'technologyshocks12156.2.Mean-preservingshockstoidiosyncraticproductivity1218*PresentedattheFederalReserveConferenceon"RecentDevelopmentsinMacroeconomicsI",February27-28,1997,NewYork,NY.Theauthorsacknowledgefinan

5、cialsupportfromtheUSNationalScienceFoundation,NorthwesternUniversity,andtheCentreforEconomicPerformanceattheLondonSchoolofEconomics.HandbookofMacroeconomics,Volume1,EditedbyJ.B.TaylorandM.Woodford©1999ElsevierScienceB.V.Allrightsreserved11711172D.T.M

6、ortensenandC.A.Pissarides6.3.Otherinfluences12207.Concludingremarks1223AppendixA.Mathematicalappendix1223A.1.Mean-preservingshiftsinproductivity1223A.2.Labor'sbargainingstrength1224References1225AbstractThepurposeofthischapteristwofold.First,itreview

7、sthemodelofsearchandmatchingequilibriumandderivesthepropertiesofemploymentandunemploymentequilibrium.Second,itappliesthemodeltothestudyofemploymentfluctuationsandtotheexplanationofdifferencesinunemploymentratesinindustrializedcountries.Thesearchandma

8、tchingmodelisbuiltontheassumptionsofatime-consumingmatchingtechnologythatdeterminestherateofjobcreationgiventheunmatchednumberofworkersandjobs;andonastochasticarrivalofidiosyncraticshocksthatdeterminestherateofjobdestructiongiventhewagecontractbetwee