Although new Keynesian models with labor market frictions report an increase in unemployment and a decrease in labor market tightness in response to a positive technology shock, which appears to be in line with recent empirical findings, the volatilities of these variables are not as high as their empirical counterparts. This calls for the introduction of new modeling tools to amplify the volatilities of the unemployment rate and labor market tightness. Along this line, this paper contributes to the theoretical literature by studying the effect of employment-to-employment flow in a new Keynesian model with labor market frictions. We consider two types of firms that offer different wage levels, which incentivize low-paid agents to search on the job. Differently from the existing literature, the main source of wage dispersion is the difference between firms' bargaining powers. The proposed model generates a higher volatility of unemployment and labor market tightness in response to a positive technology shock compared to the model without on-the-job search, without causing a significant change in the responses of other variables.

中文翻译：

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失业的新凯恩斯主义模型：在职搜索的影响

尽管具有劳动力市场摩擦的新凯恩斯主义模型报告说，由于积极的技术冲击，失业率增加，劳动力市场紧张程度降低，这似乎与最近的实证结果一致，但这些变量的波动性并不像它们的经验对应物。这需要引入新的建模工具来放大失业率和劳动力市场紧张的波动。沿着这条路线，本文有助于理论通过研究具有劳动力市场摩擦的新凯恩斯主义模型中就业对就业流动的影响。我们考虑提供不同工资水平的两种类型的公司，这些公司激励低薪代理人寻找工作。与现有文献不同，工资分散的主要来源是企业议价能力的差异。与没有在职搜索的模型相比，所提出的模型在响应积极的技术冲击时会产生更高的失业和劳动力市场紧缩波动，并且不会导致其他变量的响应发生显着变化。