Directed Search on the Job, Heterogeneity, and Aggregate Fluctuations
研究在职和失业工人定向搜索的劳动力市场模型，证明存在块递归均衡，并解释为何定向搜索下均衡存在而随机搜索下不存在，最后推广到工人事前异质性的情形。
We study a labor market where workers search for jobs both on the job and off the job. In the model, there are aggregate productivity shocks and match-specific shocks. We outline the proof of existence of an equilibrium which we call a block recursive equilibrium (BRE), in which individuals' decisions and market tightness are independent of the distribution of workers over wages or contracts. A critical assumption that is responsible for a BRE to exist is that search is directed by firms' posting of contracts. We explain why a BRE does exist under the assumption of directed search and why it does not under the assumption of random search. Finally, we generalize the proof of existence of a BRE to allow workers to be ex-ante heterogeneous with respect to some observable characteristics such as education and skill. (This abstract was borrowed from another version of this item.)