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Gross Worker Flows over the Business Cycle

Per Krusell, Toshihiko Mukoyama (), Richard Rogerson and Ayşegül Şahin

American Economic Review, 2017, vol. 107, issue 11, 3447-76

Abstract: We build a hybrid model of the aggregate labor market that features both standard labor supply forces and frictions in order to study the cyclical properties of gross worker flows across the three labor market states: employment, unemployment, and nonparticipation. Our parsimonious model is able to capture the key features of the cyclical movements in gross worker flows. Despite the fact that the wage per efficiency unit is constant over time, intertemporal substitution plays an important role in shaping fluctuations in the participation rate.

JEL-codes: E24 E32 J22 J31 J64 J65 (search for similar items in EconPapers)
Date: 2017
Note: DOI: 10.1257/aer.20121662
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Working Paper: Gross Worker Flows over the Business Cycle (2015) Downloads
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