匹配乘数与衰退的放大

IF 10.5 1区经济学 Q1 ECONOMICS

American Economic Review Pub Date : 2023-04-01 DOI:10.1257/aer.20210254

Christina Patterson

{"title":"匹配乘数与衰退的放大","authors":"Christina Patterson","doi":"10.1257/aer.20210254","DOIUrl":null,"url":null,"abstract":"This paper shows that the unequal incidence of recessions in the labor market amplifies aggregate shocks. Using administrative data from the United States, I document a positive covariance between workers' marginal propensities to consume (MPCs) and their elasticities of earnings to GDP, which is a key moment for a new class of heterogeneous-agent models. I define the matching multiplier as the increase in the multiplier stemming from this matching of high MPC workers to more cyclical jobs. I show that this covariance is large enough to increase the aggregate MPC by 20 percent over an equal exposure benchmark. (JEL E21, E23, E24, E32)","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":null,"pages":null},"PeriodicalIF":10.5000,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"28","resultStr":"{\"title\":\"The Matching Multiplier and the Amplification of Recessions\",\"authors\":\"Christina Patterson\",\"doi\":\"10.1257/aer.20210254\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This paper shows that the unequal incidence of recessions in the labor market amplifies aggregate shocks. Using administrative data from the United States, I document a positive covariance between workers' marginal propensities to consume (MPCs) and their elasticities of earnings to GDP, which is a key moment for a new class of heterogeneous-agent models. I define the matching multiplier as the increase in the multiplier stemming from this matching of high MPC workers to more cyclical jobs. I show that this covariance is large enough to increase the aggregate MPC by 20 percent over an equal exposure benchmark. (JEL E21, E23, E24, E32)\",\"PeriodicalId\":48472,\"journal\":{\"name\":\"American Economic Review\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":10.5000,\"publicationDate\":\"2023-04-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"28\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"American Economic Review\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1257/aer.20210254\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"American Economic Review","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1257/aer.20210254","RegionNum":1,"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: 28

摘要

本文表明，劳动力市场衰退的不平等发生率放大了总体冲击。使用来自美国的行政数据，我记录了工人的边际消费倾向(MPCs)和他们的收入对GDP的弹性之间的正协方差，这是一类新的异质代理模型的关键时刻。我将匹配乘数定义为高MPC工人与周期性更强的工作相匹配所产生的乘数增加。我表明，这种协方差大到足以使总MPC比同等暴露基准增加20%。(凝胶e21, e23, e24, e32)

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

The Matching Multiplier and the Amplification of Recessions

This paper shows that the unequal incidence of recessions in the labor market amplifies aggregate shocks. Using administrative data from the United States, I document a positive covariance between workers' marginal propensities to consume (MPCs) and their elasticities of earnings to GDP, which is a key moment for a new class of heterogeneous-agent models. I define the matching multiplier as the increase in the multiplier stemming from this matching of high MPC workers to more cyclical jobs. I show that this covariance is large enough to increase the aggregate MPC by 20 percent over an equal exposure benchmark. (JEL E21, E23, E24, E32)

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

American Economic Review ECONOMICS-

CiteScore

18.60

自引率

2.80%

发文量

122

期刊介绍： The American Economic Review (AER) stands as a prestigious general-interest economics journal. Founded in 1911, it holds the distinction of being one of the nation's oldest and most esteemed scholarly journals in economics. With a commitment to academic excellence, the AER releases 12 issues annually, featuring articles that span a wide spectrum of economic topics.