Equilibrium Labor Turnover, Firm Growth, and Unemployment
研究摩擦性劳动力市场中，企业通过权衡低工资与高离职率来影响均衡离职行为，发现过度跳槽会挤占失业者的再就业机会，并构建了一个可计算的随机均衡模型。
This paper considers equilibrium quit turnover in a frictional labor market with costly hiring by firms, where large firms employ many workers and face both aggregate and firm specific productivity shocks. There is exogenous firm turnover as new (small) startups enter the market over time, while some existing firms fail and exit. Individual firm growth rates are disperse and evolve stochastically. The paper highlights how dynamic monopsony, where firms trade off lower wages against higher (endogenous) employee quit rates, yields excessive job-to-job quits. Such quits directly crowd out the reemployment prospects of the unemployed. With finite firm productivity states, stochastic equilibrium is fully tractable and can be computed using standard numerical techniques.