Life-Cycle Labor Search with Stochastic Match Quality
2011/03/22
研討會日期 : 2011-03-22
時間 : 14:30
主講人 : Professor Julen Esteban-Pretel
地點 : Conference Room B110
演講者簡介 : Julen Esteban-Pretel got his Ph.D. in Economics from New York University in 2004. He is currently serving as Assistant Professor at National Graduate Institute for Policy Studies. His research field is in macroeconomics, labor and monetary economics.
演講摘要 : Unemployment, job finding, and job separation rates exhibit patterns of decline as worker age increases in the U.S. We build and numerically simulate a search and matching model of the labor market that incorporates a life-cycle structure to account for these empirical facts. The model features random match quality, which, with positive probability, is not revealed until production takes place. We show that the model, calibrated to U.S. data, is able to reproduce the empirical patterns of unemployment and job transition rates over the entire life-cycle. Both decreasing distance to retirement as a worker ages, and ex ante unknown match quality, are essential in delivering these results. We then explore, both analytically and numerically, the efficiency implications of the model.
