Learning about labor markets

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Monetary Economics Pub Date : 2024-11-01 DOI:10.1016/j.jmoneco.2024.103612

引用次数: 0

Abstract

We study a general equilibrium model of the labor market in which agents slowly learn about their suitability for jobs. Our model reproduces desirable features of the data, many of which standard models fail to replicate. We explore how, in such an environment, asymmetric information can lead to substantial misallocation. We calibrate our model to US data and quantify the welfare loss arising from misallocation due to informational frictions. The tractability of the model allows us to explore the responsiveness of wages and employment to an aggregate shock. We find that wage rigidity arises endogenously because of protracted learning, and in line with the data, the model is able to generate a larger and more persistent employment response.

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了解劳动力市场

我们研究了一个劳动力市场的一般均衡模型，在这个模型中，代理人会慢慢了解自己是否适合工作。我们的模型再现了数据的理想特征，其中许多特征是标准模型无法再现的。我们探讨了在这种环境下，信息不对称如何导致大量的分配不当。我们根据美国的数据对模型进行了校准，并量化了信息摩擦导致的错配所造成的福利损失。模型的可操作性使我们能够探讨工资和就业对总体冲击的反应。我们发现，工资刚性是由于长期学习而内生产生的，而且与数据一致，模型能够产生更大、更持久的就业反应。

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.