Gross Worker Flows over the Business Cycle
构建了一个混合劳动力市场模型，同时包含标准劳动力供给力量和摩擦，研究就业、失业和非参与三种状态间工人总流量的周期性特征。模型能捕捉工人总流量周期波动的关键特征，并发现跨期替代对参与率波动有重要作用。
We build a hybrid model of the aggregate labor market that features both standard labor supply forces and frictions in order to study the cyclical properties of gross worker flows across the three labor market states: employment, unemployment, and nonparticipation. Our parsimonious model is able to capture the key features of the cyclical movements in gross worker flows. Despite the fact that the wage per efficiency unit is constant over time, intertemporal substitution plays an important role in shaping fluctuations in the participation rate.