Screening and Labor Market Flows in a Model with Heterogeneous Workers
构建了一个模型，其中雇主对异质性工人的筛选决定了失业的流入和流出。负面生产率冲击会提高失业者中低效率工人的比例，降低企业招聘意愿，放大失业波动并导致缓慢复苏，同时恶化失业与通胀的权衡关系。
We construct a model in which screening of heterogeneous workers by employers plays a central role in determining both the flows into and out of unemployment. Following a negative productivity shock, the share of low‐efficiency workers in the pool of unemployed rises, and this composition effect reduces the incentive of firms to post vacancies, lowering job opportunities for all workers. Heterogeneity in workers’ efficiency amplifies unemployment fluctuations in economies with small gross labor flows and leads to persistent buildups of unemployment and slow recoveries. The composition effect worsens the unemployment–inflation trade‐off faced by the monetary authority, leading to very large sacrifice ratios when a fall in productivity primarily affects low‐efficiency workers.