Technology?Policy Interaction in Frictional Labour-Markets
构建了一个包含资本体现型技术进步和搜索匹配摩擦的模型，发现技术进步会降低劳动力需求、提高失业率和失业持续时间，而劳动力市场管制（如失业救济、工资税和裁员成本）会加剧这些效应，从而解释欧美劳动力市场差异。
Does capital-embodied technological change play an important role in shaping labour-market outcomes? To address this question, we develop a model with vintage capital and search-matching frictions where irreversible investment in new vintages of capital creates heterogeneity in productivity among firms, matched as well as vacant. We demonstrate that capital-embodied technological change reduces labour demand and raises equilibrium unemployment and unemployment durations. In addition, the presence of labour-market regulations (unemployment benefits, payroll taxes, and firing costs) exacerbates these effects. Thus, the model is qualitatively consistent with some key features of the European labour-market experience relative to that of the U.S.: it features a sharper rise in unemployment and a sharper fall in the vacancy rate and the labour share. A calibrated version of our model suggests that this technology—policy interaction could explain a sizeable fraction of the observed differences between the U.S. and Europe. Copyright 2007, Wiley-Blackwell.