Beveridge curve under endogenous separation model: The role of wage rigidity and match-specific productivity

IF 4.2 2区 经济学 Q1 ECONOMICS
Tetsuaki Takano
{"title":"Beveridge curve under endogenous separation model: The role of wage rigidity and match-specific productivity","authors":"Tetsuaki Takano","doi":"10.1016/j.econmod.2024.106845","DOIUrl":null,"url":null,"abstract":"<div><p>A standard endogenous separation model developed by Mortensen and Pissarides (1994) has a drawback in replicating the negative correlation between unemployment and vacancy rates. To address this issue, I extended the model by incorporating wage rigidity and modifying the assumption about idiosyncratic match-specific productivity. Results indicate that introducing wage rigidity can produce the Beveridge curve, while the degree of negative correlation is slightly lower than that presented in the data. Modifying the model to randomly draw match-specific productivity for new matches also increases the degree of negative correlation between unemployment and vacancy rates. These results suggest that an endogenous separation model can explain the observed variation by adding frictions.</p></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"141 ","pages":"Article 106845"},"PeriodicalIF":4.2000,"publicationDate":"2024-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Modelling","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0264999324002025","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0

Abstract

A standard endogenous separation model developed by Mortensen and Pissarides (1994) has a drawback in replicating the negative correlation between unemployment and vacancy rates. To address this issue, I extended the model by incorporating wage rigidity and modifying the assumption about idiosyncratic match-specific productivity. Results indicate that introducing wage rigidity can produce the Beveridge curve, while the degree of negative correlation is slightly lower than that presented in the data. Modifying the model to randomly draw match-specific productivity for new matches also increases the degree of negative correlation between unemployment and vacancy rates. These results suggest that an endogenous separation model can explain the observed variation by adding frictions.

内生分离模型下的贝弗里奇曲线:工资刚性和特定匹配生产力的作用
Mortensen 和 Pissarides(1994 年)建立的标准内生离职模型在复制失业率和空缺率之间的负相关性方面存在缺陷。为了解决这个问题,我对模型进行了扩展,加入了工资刚性并修改了关于特异匹配生产率的假设。结果表明,引入工资刚性可以产生贝弗里奇曲线,而负相关程度略低于数据。修改模型以随机抽取新匹配的特定生产率,也会增加失业率和空缺率之间的负相关程度。这些结果表明,内生分离模型可以通过增加摩擦来解释观察到的变化。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
来源期刊
Economic Modelling
Economic Modelling ECONOMICS-
CiteScore
8.00
自引率
10.60%
发文量
295
期刊介绍: Economic Modelling fills a major gap in the economics literature, providing a single source of both theoretical and applied papers on economic modelling. The journal prime objective is to provide an international review of the state-of-the-art in economic modelling. Economic Modelling publishes the complete versions of many large-scale models of industrially advanced economies which have been developed for policy analysis. Examples are the Bank of England Model and the US Federal Reserve Board Model which had hitherto been unpublished. As individual models are revised and updated, the journal publishes subsequent papers dealing with these revisions, so keeping its readers as up to date as possible.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信