PERSISTENCE AND VOLATILITY OF BEVERIDGE CYCLES
通过需求外部性解释失业与职位空缺的周期波动，在标准搜寻匹配模型中引入该外部性可减少对外生冲击的依赖，并生成与数据一致的持久性贝弗里奇周期。
Abstract This article explains the cyclical behavior of the fluctuations in unemployment and vacancies by demand externalities. Adding such externalities to an otherwise standard search and matching model reduces the need for exogenous shocks in explaining these fluctuations. Under plausible parameter values, the equilibrium dynamics include a stable limit cycle that resembles the empirically observed counterclockwise cycles around the Beveridge curve. Calibrated to the duration of the business cycle, these endogenous “Beveridge cycles” are as persistent as the data, without losing any of the amplification of the standard model.