IT'S ABOUT TIME: IMPLICATIONS OF THE PERIOD LENGTH IN AN EQUILIBRIUM SEARCH MODEL
实证发现失业状态转换集中在每周或每月第一天，本文构建均衡搜索模型分析周期长度对失业率、失业持续时间和工资分布的影响，对劳动市场研究者有用。
Empirical evidence suggests that transitions between employment states are highly clustered around the first day of each workweek or month. I analyze the effect of this phenomenon by presenting an equilibrium search model in which the period length is a parameter determining the degree of clustering. Infinitesimally short periods result in a continuous‐time model with bilateral meetings, whereas longer time periods introduce the possibility of recall or simultaneity of job offers. In this environment, I show that the period length has a profound effect on equilibrium outcomes, including the unemployment rate, unemployment duration, and the cross‐sectional wage distribution.