Heterogeneity, Job Creation and Unemployment Volatility
研究了岗位创造边际上的匹配异质性对商业周期波动的影响，发现无论信息是否对称，这种异质性本身并不能放大劳动力市场波动，反而可能抑制市场紧度的反应。
Abstract In this paper, I explore the impact of match‐specific heterogeneity at the job creation margin on business cycle fluctuations. I show that this form of heterogeneity alone does not help to amplify labor market volatility, either under full or under asymmetric information. First, I show analytically that, under full information, heterogeneity has no first‐order effect on the response of unemployment and job creation to productivity, and actually tends to dampen the response of market tightness. Then, in a series of calibrations, I show that with both full and asymmetric information, the model delivers labor market volatilities close to the representative‐agent, full‐information benchmark.