Nonlinear dynamics in a structural model of employment
在搜索匹配模型中论证就业调整成本取决于劳动力市场紧度，从而产生内生非线性动态，并估计模型同时解释长期就业水平和非线性动态，发现给定冲击对就业的影响在不同水平上显著不同，且就业下行比上行更陡峭更深。
Search and matching models imply that firms' employment adjustment costs depend on the tightness of the labour market, giving rise to endogenous or nonlinear dynamics in employment. This paper sets this argument out in detail, estimating a model simultaneously explaining the long-run level of employment and the nonlinear dynamics. The main implications of the estimated model are (a) the effect of a given shock to the long-run level of employment is markedly different at different levels of employment, and (b) asymmetric business cycles result with the downswing in employment being sharper and deeper than the upswing.