| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w12421
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| 来源ID | Working Paper 12421
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| The Consumption-Tightness Puzzle |
| Morten O. Ravn
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| 发表日期 | 2006-08-14
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| 出版年 | 2006
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| 语种 | 英语
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| 摘要 | This paper introduces a labor force participation choice into a labor market matching model embedded in a dynamic stochastic general equilibrium set-up with production and savings. The participation choice is modelled as a tradeoff between forgoing the expected benefits of being search active and engaging in costly labor market search. The model induces a symmetry in firms%u2019 and workers%u2019 search decision since both sides of the labor market vary search effort at the extensive margins. We show that this set-up is of considerable analytical convenience and that it gives rise to a linear relationship between labor market tightness and the marginal utility of consumption. We refer to the latter as the %u201Cconsumption - tightness puzzle%u201D because (a) it gives rise to a number of counterfactual implications, and (b) it is a robust implication of theory. Amongst the counterfactual implications are very low volatility of tightness, procyclical unemployment, and a positively sloped Beveridge curve. These implications all derive from procyclical variations in participation rates that follow from allowing for the extensive search margin. |
| 主题 | Macroeconomics
; Consumption and Investment
; Business Cycles
; Labor Economics
; Labor Supply and Demand
; Labor Market Structures
; Unemployment and Immigration
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| URL | https://www.nber.org/papers/w12421
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570078
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推荐引用方式
GB/T 7714 |
Morten O. Ravn. The Consumption-Tightness Puzzle. 2006.
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文件名：
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w12421.pdf
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格式：
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Adobe PDF
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