Labor Market Dynamics: A Time‐Varying Analysis
研究美国战后劳动力市场典型事实及技术冲击对劳动力市场变量的影响如何随时间变化，使用带有时变系数和随机波动的SVAR模型。
This paper studies how key labour market stylized facts and the responses of labour market variables to technology shocks vary over the US postwar period. It uses a benchmark dynamic, stochastic, general equilibrium model enriched with labour market frictions and investment‐specific technological progress that enables a novel identification scheme based on sign restrictions on a SVAR with time‐varying coefficients and stochastic volatility. Key findings are: (i) the volatility in job finding and separation rates has declined over time, while their correlation varies across time; (ii) the job finding rate plays an important role for unemployment, and the two series are strongly negatively correlated over the sample period; (iii) the magnitude of the response of labour market variables to technology shocks varies across the sample period.