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American Economic Journal: Macroeconomics: Vol. 3 No. 1 (January 2011)
AEJ: Macro Volume. 3, Issue 1 | 
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AEJ: Macro Forthcoming Articles
Worker Heterogeneity and Endogenous Separations in a Matching Model of Unemployment Fluctuations
Article Citation
Bils, Mark,
Yongsung Chang, and
Sun-Bin Kim. 2011. "Worker Heterogeneity and Endogenous Separations in a Matching Model of Unemployment Fluctuations."
American Economic Journal: Macroeconomics,
3(1): 128-54.
DOI: 10.1257/mac.3.1.128
DOI: 10.1257/mac.3.1.128
Abstract
We model worker heterogeneity in the rents from being employed in a Diamond-Mortensen-Pissarides model of matching and unemployment. We show that heterogeneity, reflecting differences in match quality and worker assets, reduces the extent of fluctuations in separations and unemployment. We find that the model faces a trade-off—it cannot produce both realistic dispersion in wage growth across workers and realistic cyclical fluctuations in unemployment. (JEL
D31, E24, E32, J41, J63)
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Authors
Bils, Mark (U Rochester)
Chang, Yongsung (U Rochester and Yonsei U)
Kim, Sun-Bin (Yonsei U)
Chang, Yongsung (U Rochester and Yonsei U)
Kim, Sun-Bin (Yonsei U)
JEL Classifications
D31: Personal Income, Wealth, and Their Distributions
E24: Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital
E32: Business Fluctuations; Cycles
J41: Labor Contracts
J63: Labor Turnover; Vacancies; Layoffs
E24: Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital
E32: Business Fluctuations; Cycles
J41: Labor Contracts
J63: Labor Turnover; Vacancies; Layoffs
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