Technology Dispersion and Labor Market Fluctuations

John Kennes

No 1061, 2008 Meeting Papers from Society for Economic Dynamics

Abstract: This paper develops a dynamic general equilibrium matching model with many types of long-lived workers, many types of jobs and stochastic transitions between many possible aggregate productivity states. The supply of new jobs is determined by free entry, matching is directed, wages are determined by auction and workers can continue to search on-the-job for better employment opportunities. We show that the model can be solved explicitly and without iteration. Consequently, the numerical calculation of the decentralized equilibrium is both accurate and fast. The model is used to uncover the technological choice set of firms using data on labor market outcomes.

Date: 2008
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