Unemployment and market size
构建了一个包含一般匹配技术的均衡随机匹配模型，引入市场规模效应，发现失业率影响工作找到率，稳定稳态可能出现在递增或递减规模报酬区域，且多重均衡按市场规模排序福利。
Without strong empirical support, labour market matching models typically assume constant returns to scale in matching. We construct a tractable equilibrium random matching model with a general matching technology, introducing market size effects: the job‐finding rate varies with unemployment. Stable steady‐states may occur in regions of increasing or decreasing returns, and multiple equilibria are welfare‐ranked by market size. While the standard model relies on high‐frequency shocks to the steady state to explain the co‐movement of unemployment and job‐finding, locally decreasing returns in matching generate plausible adjustment dynamics and slower convergence. Lastly, an extension of the Hosios condition internalises search externalities.