Marginal Jobs, Heterogeneous Firms, and Unemployment Flows

Michael Elsby · Ryan Michaels

171 citations0/0 files storedAmerican Economic Journal Macroeconomics

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Labor market dynamics and wage inequality Firm Innovation and Growth Economic theories and models

Abstract

This paper introduces a notion of firm size into a search and matching model with endogenous job destruction. The outcome is a rich, yet analytically tractable framework that can be used to analyze a broad set of features of both the cross-section and aggregate dynamics of the labor market. The model provides a coherent account of the distributions of employer size and employment growth across establishments, the amplitude and propagation of cyclical fluctuations in worker flows, the negative comovement of unemployment and vacancies, and the dynamics of the distribution of employer size over the business cycle. (JEL E24, E32, J63, J64)

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References

1994Job Creation and Job Destruction in the Theory of Unemployment 1989Recursive Methods in Economic Dynamics 2005The Cyclical Behavior of Equilibrium Unemployment and Vacancies n.d.Looking into the Black Box: A Survey of the Matching Function 1998Income and Wealth Heterogeneity in the Macroeconomy 1998Wage Differentials, Employer Size, and Unemployment 1992Gross Job Creation, Gross Job Destruction, and Employment Reallocation 2005Employment Fluctuations with Equilibrium Wage Stickiness

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2015Efficient Firm Dynamics in a Frictional Labor Market 2015The Beveridge Curve: A Survey 2016How Substitutable Are Workers? Evidence from Worker Deaths 2014Search with multi-worker firms 2010Optimal Unemployment Insurance Over the Business Cycle 2018Changing Business Dynamism and Productivity: Shocks vs. Responsiveness

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