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Cross-Sectional Efficiency and Labour Hoarding in a Matching Model of Unemployment

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Author Info
Bertola, Giuseppe
Caballero, Ricardo J

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Abstract

The authors study positive and normative aspects of steady-state equilibrium in a market where firms of endogenous size experience idiosyncratic shocks and undergo a costly search process to hire workers. The model highlights interactions between job-security provisions and sectoral shocks in determining the natural rate of unemployment, the allocation of labor, and the extent of labor hoarding, and rationalizes cross-sectional asymmetries of gross employment flows at the firm level. In the authors' model, where productivity and search costs are dynamically heterogeneous across firms, decentralized wage bargains imply important cross-sectional inefficiencies, which shadow the static search inefficiencies. Copyright 1994 by The Review of Economic Studies Limited.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 61 (1994)
Issue (Month): 3 (July)
Pages: 435-56
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Handle: RePEc:bla:restud:v:61:y:1994:i:3:p:435-56

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This item is featured on the following reading lists:
  1. Quantitative Macroeconomics and Real Business Cycles (QM&RBC)
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  1. Rogerson, Richard, 1997. "Theory Ahead of Language in the Economics of Unemployment," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 73-92, Winter. [Downloadable!] (restricted)
  2. Winfried Koeniger & Julien Prat, 2007. "Employment Protection, Product Market Regulation and Firm Selection," Working Papers 07-03, Utrecht School of Economics. [Downloadable!]
    Other versions:
  3. Alessie, Rob & Bloemen, Hans, 2000. "Premium differentiation in the unemployment insurance system and the demand for labor," Serie Research Memoranda 0002, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics. [Downloadable!]
    Other versions:
  4. Giuseppe Bertola & Pietro Garibaldi, 2001. "Wages and the Size of Firms in Dynamic Matching Models," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 4(2), pages 335-368, April. [Downloadable!] (restricted)
    Other versions:
  5. Dale T. Mortensen & Christopher A. Pissarides, 1998. "Technological Progress, Job Creation and Job Destruction," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(4), pages 733-753, October. [Downloadable!] (restricted)
  6. Fernando Alvarez & Marcelo Veracierto, 1999. "Labor market policies in an equilibrium search model," Working Paper Series WP-99-10, Federal Reserve Bank of Chicago. [Downloadable!]
    Other versions:
  7. Dale T. Mortensen, 2000. "Modeling Matched Job-Worker Flows," Econometric Society World Congress 2000 Contributed Papers 1493, Econometric Society. [Downloadable!]
  8. James S. Costain, 1998. "On the Quantitative Importance of Wage Bargaining Models," Economics Working Papers 262, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  9. Douglas Staiger & James H. Stock & Mark W. Watson, 1996. "How Precise are Estimates of the Natural Rate of Unemployment?," NBER Working Papers 5477, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  10. Olivier Blanchard & Pedro Portugal, 1998. "What Hides Behind an Umemployment Rate: Comparing Portuguese and U.S. Unemployment," NBER Working Papers 6636, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. Fabrice Collard & Patrick Fève & François Langot & Corinne Perraudin, 2002. "A structural model of US aggregate job flows," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 17(3), pages 197-223. [Downloadable!]
    Other versions:
  12. Felbermayr, Gabriel & Prat, Julien & Schmerer, Hans-Jörg, 2008. "Globalization and Labor Market Outcomes: Wage Bargaining, Search Frictions, and Firm Heterogeneity," IZA Discussion Papers 3363, Institute for the Study of Labor (IZA). [Downloadable!]
  13. Gabriel Felbermayr & Julien Prat, 2007. "Product Market Regulation, Firm Selection and Unemployment," IZA Discussion Papers 2754, Institute for the Study of Labor (IZA). [Downloadable!]
  14. Noritaka Kudoh & Masaru Sasaki, 2007. "Precautionary Demand for Labor in Search Equilibrium," Discussion Papers in Economics and Business 07-34, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP). [Downloadable!]
  15. R. Jason Faberman & Eva Nagypal, 2008. "Quits, worker recruitment, and firm growth: theory and evidence," Working Papers 08-13, Federal Reserve Bank of Philadelphia. [Downloadable!]
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