Labor-market volatility in the search-and-matching model: The role of investment-specific technology shocks
Shocks to investment-specific technology have been identified as a main source of U.S. aggregate output volatility. In this paper, we present a model with frictions in the labor market and explore the contribution of these shocks to the volatility of labor market variables, namely, unemployment, vac...
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| Published in | Journal of economic dynamics & control Vol. 34; no. 8; pp. 1509 - 1527 |
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| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
Elsevier B.V
01.08.2010
North-Holland Publ. Co Elsevier |
| Series | Journal of Economic Dynamics and Control |
| Subjects | |
| Online Access | Get full text |
| ISSN | 0165-1889 1879-1743 |
| DOI | 10.1016/j.jedc.2010.04.009 |
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| Abstract | Shocks to investment-specific technology have been identified as a main source of U.S. aggregate output volatility. In this paper, we present a model with frictions in the labor market and explore the contribution of these shocks to the volatility of labor market variables, namely, unemployment, vacancies, tightness and the job-finding rate. Thus, our paper contributes to a recent body of literature assessing the ability of the search-and-matching model to account for the large volatility observed in labor market variables. To this aim, we solve a neoclassical economy with search and matching, where neutral and investment-specific technologies are subject to shocks. The three key features of our model economy are: (i) Firms are large, in the sense that they employ many workers. (ii) Adjusting capital and labor is costly. (iii) Wages are the outcome of an intra-firm Nash-bargaining problem between the firm and its workers. In our calibrated economy, we find that shocks to investment-specific technology explain 40% of the observed volatility in U.S. labor productivity. Moreover, these shocks generate relative volatilities in vacancies and the workers’ job finding rate which match those observed in U.S. data. Relative volatilities in unemployment and labor market tightness are 55% and 75% of their empirical values, respectively. |
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| AbstractList | Shocks to investment-specific technology have been identified as a main source of U.S. aggregate output volatility. In this paper, we present a model with frictions in the labor market and explore the contribution of these shocks to the volatility of labor market variables, namely, unemployment, vacancies, tightness and the job-finding rate. Thus, our paper contributes to a recent body of literature assessing the ability of the search-and-matching model to account for the large volatility observed in labor market variables. To this aim, we solve a neoclassical economy with search and matching, where neutral and investment-specific technologies are subject to shocks. The three key features of our model economy are: (i) Firms are large, in the sense that they employ many workers. (ii) Adjusting capital and labor is costly. (iii) Wages are the outcome of an intra-firm Nash-bargaining problem between the firm and its workers. In our calibrated economy, we find that shocks to investment-specific technology explain 40% of the observed volatility in U.S. labor productivity. Moreover, these shocks generate relative volatilities in vacancies and the workers' job finding rate which match those observed in U.S. data. Relative volatilities in unemployment and labor market tightness are 55% and 75% of their empirical values, respectively. All rights reserved, Elsevier Shocks to investment-specific technology have been identified as a main source of U.S. aggregate output volatility. In this paper, we present a model with frictions in the labor market and explore the contribution of these shocks to the volatility of labor market variables, namely, unemployment, vacancies, tightness and the job-finding rate. Thus, our paper contributes to a recent body of literature assessing the ability of the search-and-matching model to account for the large volatility observed in labor market variables. To this aim, we solve a neoclassical economy with search and matching, where neutral and investment-specific technologies are subject to shocks. The three key features of our model economy are: (i) Firms are large, in the sense that they employ many workers. (ii) Adjusting capital and labor is costly. (iii) Wages are the outcome of an intra-firm Nash-bargaining problem between the firm and its workers. In our calibrated economy, we find that shocks to investment-specific technology explain 40% of the observed volatility in U.S. labor productivity. Moreover, these shocks generate relative volatilities in vacancies and the workers' job finding rate which match those observed in U.S. data. Relative volatilities in unemployment and labor market tightness are 55% and 75% of their empirical values, respectively. |
| Author | Ortigueira, Salvador Faccini, Renato |
| Author_xml | – sequence: 1 givenname: Renato surname: Faccini fullname: Faccini, Renato email: Renato.Faccini@bankofengland.co.uk organization: Bank of England, Threadneedle Street, London EC2R 8AH, UK – sequence: 2 givenname: Salvador surname: Ortigueira fullname: Ortigueira, Salvador email: Salvador.Ortigueira@iue.it, Salvador.Ortigueira@uc3m.es organization: European University Institute, Italy |
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| Keywords | Labor market fluctuations Investment-specific technology Adjustment costs E22 E32 E24 J41 Factor adjustment dynamics Search and matching J64 O33 |
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| Snippet | Shocks to investment-specific technology have been identified as a main source of U.S. aggregate output volatility. In this paper, we present a model with... |
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| SubjectTerms | Adjustment costs Anpassungskosten Arbeitsmarkt Factor adjustment dynamics Factor prices Friktionelle Arbeitslosigkeit Investment-specific technology Konjunktur Labor market fluctuations Labour economics Labour force utilization Labour market participation Labour market structure Labour mobility Labour supply Schock Search and matching Search and matching Labor market fluctuations Investment-specific technology Adjustment costs Factor adjustment dynamics Search theory Tarifverhandlungen Technology assessment Theorie U.S.A USA |
| Title | Labor-market volatility in the search-and-matching model: The role of investment-specific technology shocks |
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