Destabilizing search technology

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Monetary Economics Pub Date : 2024-07-01 DOI:10.1016/j.jmoneco.2024.103557

Tristan Potter

引用次数: 0

Abstract

Modern job search technologies enable job seekers to monitor the arrival of newly posted vacancies. This paper conceptualizes search as a monitoring decision and shows that monitoring technologies give rise to a novel source of strategic complementarities in search and can thus lead to potentially destabilizing multiplicity of equilibria. The model provides a theory of belief-driven fluctuations in labor supply that can permanently shift the path of the economy, and offers an explanation for persistently weak wage growth despite low unemployment during the recovery from the Great Recession.

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颠覆搜索技术

现代求职技术使求职者能够监控新发布职位空缺的到来。本文将搜索概念化为一种监控决策，并说明监控技术在搜索中产生了一种新的战略互补性，从而可能导致不稳定的多重均衡。该模型提供了一种由信念驱动的劳动力供给波动理论，这种波动会永久性地改变经济的发展路径，并为大衰退后复苏期间低失业率下工资增长持续疲软提供了解释。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Monetary Economics Multiple-

CiteScore

7.20

自引率

4.90%

发文量

审稿时长

74 days

期刊介绍： The profession has witnessed over the past twenty years a remarkable expansion of research activities bearing on problems in the broader field of monetary economics. The strong interest in monetary analysis has been increasingly matched in recent years by the growing attention to the working and structure of financial institutions. The role of various institutional arrangements, the consequences of specific changes in banking structure and the welfare aspects of structural policies have attracted an increasing interest in the profession. There has also been a growing attention to the operation of credit markets and to various aspects in the behavior of rates of return on assets. The Journal of Monetary Economics provides a specialized forum for the publication of this research.