| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5382 |
| DP5382 The Impact of Mode 4 Liberalization on Bilateral Trade Flows | |
| Marion Jansen; Roberta Piermartini | |
| 发表日期 | 2005-11-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Does the search and matching model fit aggregate US labour market data? While the model has become an important tool of macroeconomic analysis, recent literature pointed to some significant failures in accounting for the data. This paper aims to answer two questions: (i) Does the model fit the data, and, if so, on what dimensions? (ii) Does the data 'fit' the model, i.e. what are the data which are relevant to be explained by the model? The analysis shows that the model fits certain specifications of the data on many dimensions, though not on all. This includes capturing the high persistence and high volatility of most of the key variables, the negative co-variation of unemployment and vacancies, and the behaviour of the worker job finding rate. A key role in this fit is played by the convexity of hiring costs and the stochastic properties of the separation rate. The latter is a major component of the rate discounting the future value of the job-worker match. The paper offers a workable, empirically-grounded version of the model for the analysis of aggregate US labour market dynamics. |
| 主题 | International Macroeconomics ; Labour Economics |
| 关键词 | Search Matching Us labour market Vacancies Labour market flows Business cycles |
| URL | https://cepr.org/publications/dp5382 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534234 |
| 推荐引用方式 GB/T 7714 | Marion Jansen,Roberta Piermartini. DP5382 The Impact of Mode 4 Liberalization on Bilateral Trade Flows. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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