Heterogeneous Jobs and the Aggregate Labor Market
Toshihiko Mukoyama ()
No gueconwpa~18-18-01, Working Papers from Georgetown University, Department of Economics
This paper analyzes 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 generalizes the well-known Hosios condition and clarifies the role of externalities across labor markets for different types of jobs. Second, business cycle fluctuations with heterogeneous jobs are analyzed. Heterogeneity in productivity and job stability plays an important role in generating strong labor-market responses to the aggregate labor market to productivity shocks.
Keywords: Search and matching; Unemployment; Heterogeneous jobs; Efficiency; Business cycles (search for similar items in EconPapers)
JEL-codes: D61 E24 E32 J63 J64 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge, nep-lab and nep-mac
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Roger Lagunoff Professor of Economics Georgetown University Department of Economics Washington, DC 20057-1036
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