equilibrium search and matching

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1、Chapter28EquilibriumSearchandMatching28.1.IntroductionThischapterpresentsvariousequilibriummodelsofsearchandmatching.Wedescribe(1)LucasandPrescott’sversionofanislandmodel;(2)somematchingmodelsinthestyleofMortensen,Pissarides,andDiamond;and(3)asearchmodelofmoneyalongthelinesofKiyotakiandWright.Chapt

2、er6studiedtheoptimizationproblemofasingleunemployedagentwhosearchedforajobbydrawingfromanexogenouswageofferdistribution.Wenowturntoamodelwithacontinuumofagentswhointeractacrossalargenumberofspatiallyseparatedlabormarkets.Phelps(1970,introductorychapter)describessuchan“islandeconomy,”andaformalframew

3、orkisanalyzedbyLucasandPrescott(1974).Theagentsonanislandcanchoosetoworkatthemarket-clearingwageintheirownlabormarketorseektheirfortunebymovingtoanotherislandanditslabormarket.Inanequilibrium,agentstendtomovetoislandsthatexperiencegoodproductivityshocks,whileanislandwithbadproductivitymayseesomeofi

4、tslaborforcedepart.Frictionalunemploymentarisesbecausemovesbetweenlabormarketstaketime.Anotherapproachtomodelunemploymentisthematchingframeworkde-scribedbyDiamond(1982),Mortensen(1982),andPissarides(1990).Thesemodelspostulatetheexistenceofamatchingfunctionthatmapsmeasuresofunemploymentandvacanciesi

5、ntoameasureofmatches.Amatchpairsaworkerandafirm,whothenhavetobargainabouthowtosharethe“matchsurplus,”thatis,thevaluethatwillbelostifthetwopartiescannotagreeandbreakthematch.Incontrasttotheislandmodelwithprice-takingbehaviorandnoexter-nalities,thedecentralizedoutcomeinthematchingframeworkisingeneraln

6、otefficient.Unlessparametervaluessatisfyaknife-edgerestriction,therewillbeeithertoomanyortoofewvacanciespostedinanequilibrium.Theefficiencyproblemisfurtherexacerbatedifitisassumedthatheterogeneousjobsmustbecreatedviaasinglematchingfunction.Thisassumptioncreatesatensionbetweengettinganefficientmixofjobsan

7、danefficienttotalsupplyofjobs.–1129–1130EquilibriumSearchandMatchingAsareferencepointtomodelswithsearchandmatchingfrictions,wealsostudyafrictionlessaggregatelabormarketbutassumethatlaborisindivisible.Forexamp