| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15043 |
| DP15043 Worker heterogeneity, selection, and employment dynamics in the face of aggregate demand and pandemic shocks | |
| Federico Ravenna; Carl Walsh | |
| 发表日期 | 2020-07-15 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | In a new Keynesian model with random search in the labor market, endogenous selection among heterogeneous workers amplifies fluctuations in unemployment and results in excess unemployment volatility relative to the efficient allocation. Recessions disproportionately affect low-productivity workers, whose unemployment spells are inefficiently frequent and long. We consider a COVID-recession resulting from a negative demand shock and a surge in exogenous separations. High-productivity workers benefit if separations in a pandemic take the form of temporary layoffs, but this is not true for low-productivity workers. The unemployment consequences are especially severe when nominal interest rates are close to the effective lower bound. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Unemployment Heterogeneity Selection Covid-19 Zlb constraint |
| URL | https://cepr.org/publications/dp15043 |
| 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/543994 |
| 推荐引用方式 GB/T 7714 | Federico Ravenna,Carl Walsh. DP15043 Worker heterogeneity, selection, and employment dynamics in the face of aggregate demand and pandemic shocks. 2020. |
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