This paper studies the cyclical dynamics of skill mismatch and quantifies its impact on labor productivity. We build a tractable directed search model, in which workers differ in skills along multiple dimensions and sort into jobs with heterogeneous skill requirements. Skill mismatch arises because of information frictions and is prolonged by search frictions. Estimated to the United States, the model replicates salient business cycle properties of mismatch. Job transitions in and out of bottom job rungs, combined with career mobility, are key to account for the empirical fit. The model provides a novel narrative for the scarring effect of unemployment.

中文翻译：

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错配周期

本文研究了技能不匹配的周期性动态，并量化了其对劳动生产率的影响。我们建立了一个易于处理的定向搜索模型，其中工人在多个维度上的技能不同，并分类到具有不同技能要求的工作。技能不匹配是由信息摩擦引起的，并因搜索摩擦而延长。估计到美国，该模型复制了不匹配的显着商业周期特性。进出底层工作的工作转换，加上职业流动性，是解释经验拟合的关键。该模型为失业的疤痕效应提供了一种新颖的叙述方式。