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Declining Search Frictions, Unemployment and Growth
Journal of Political Economy ( IF 9.637 ) Pub Date : 2020-12-01 , DOI: 10.1086/710975
Paolo Martellini , Guido Menzio

For a search-theoretic model of the labor market, we seek conditions for the existence of a balanced growth path (BGP), where unemployment, vacancy, and worker’s transitions rates remain constant in the face of improvements in the production and search technologies. A BGP exists iff firm-worker matches are inspection goods and the quality of a match is drawn from a Pareto distribution. Declining search frictions contribute to growth with an intensity determined by the tail coefficient of the Pareto distribution. We develop a strategy to measure the rate of decline of search frictions and their contribution to growth.

中文翻译:

搜索摩擦下降、失业和经济增长

对于劳动力市场的搜索理论模型,我们寻求平衡增长路径 (BGP) 存在的条件,即在生产和搜索技术改进的情况下,失业率、空置率和工人转换率保持不变。BGP 存在的条件是公司-工人匹配是检验货物,并且匹配的质量来自帕累托分布。搜索摩擦的下降有助于增长,其强度由帕累托分布的尾部系数决定。我们制定了一项策略来衡量搜索摩擦的下降速度及其对增长的贡献。
更新日期:2020-12-01
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