Using a representative-household search and matching model with endogenous labor force participation, we study the cyclicality of labor market transition rates between employment, unemployment, and nonparticipation. When interpreted through the lens of the model, the cyclical behavior of transition rates implies that the participation margin is strongly countercyclical: the household's incentive to send the workers to the labor force falls in expansions. We identify two key channels through which the model delivers this result: (i) procyclical values of non-market activities and (ii) wage rigidity. The smaller the value of the extensive-margin labor supply elasticity is, the stronger the first channel is. Wage rigidity helps because it mitigates increases in the return to market work during expansions. Our estimated model replicates well the behavior of transition rates between the three labor market states and thus the stocks, once both features are in place.

使用具有内生劳动力参与的代表性家庭搜索和匹配模型，我们研究了就业、失业和不参与之间劳动力市场转换率的周期性。当通过模型的视角来解释时，转变率的周期性行为意味着参与边际是强烈的反周期：家庭将工人送入劳动力市场的动机下降在扩展中。我们确定了模型提供这一结果的两个关键渠道：(i) 非市场活动的顺周期价值和 (ii) 工资刚性。边际劳动供给弹性值越小，第一通道越强。工资刚性有所帮助，因为它减轻了扩张期间市​​场工作回报的增加。我们的估计模型很好地复制了三个劳动力市场状态之间的转换率行为，从而复制了股票，一旦这两个特征都到位。