Heterogeneous Jobs and the Aggregate Labour Market

Toshihiko Mukoyama

The Japanese Economic Review, 2019, vol. 70, issue 1, 30-50

Abstract: This paper analyses a simple search‐and‐matching model with heterogeneous jobs. First, I derive an explicit formula that ensures the social efficiency of the equilibrium outcome. This formula generalises the well‐known Hosios condition and clarifies the role of externalities across labour markets for different types of jobs. Second, business cycle fluctuations with heterogeneous jobs are analysed. Heterogeneity in productivity and job stability plays an important role in generating strong labour‐market responses to productivity shocks.

Date: 2019
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https://doi.org/10.1111/jere.12211

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Journal Article: Heterogeneous Jobs and the Aggregate Labour Market (2019)
Working Paper: Heterogeneous Jobs and the Aggregate Labor Market (2018)
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