| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11561 |
| DP11561 Frictional Unemployment with Stochastic Bubbles | |
| Etienne Wasmer; Guillaume Vuillemey | |
| 发表日期 | 2016-10-06 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Bubbles are recurrent events, which contribute to both macroeconomic and employment volatility. We introduce stochastic bubbles in the standard search-and-matching model of the labor market. The economy alternates between latent and bubbly states, each being associated with a distinct solution for the market value of firms (respectively, stable or explosive). Bubbles in firm value induce distortions in hiring decisions and wages, which we explicitly characterize. Faced with bubbles, the social planner optimally deviates from the standard Hosios efficiency condition. The optimal share of workers in total surplus must be above the elasticity of hiring rates, by a small but increasing amount as the bubble expands. Finally, our specification for bubbles significantly improves the quantitative ability of the model to match U.S. data, along both real and financial dimensions. |
| 主题 | Labour Economics ; Monetary Economics and Fluctuations |
| 关键词 | Unemployment volatility Labor frictions Bubbles |
| URL | https://cepr.org/publications/dp11561 |
| 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/540375 |
| 推荐引用方式 GB/T 7714 | Etienne Wasmer,Guillaume Vuillemey. DP11561 Frictional Unemployment with Stochastic Bubbles. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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