The Weak Job Recovery in a Macro Model of Search and Recruiting Intensity
研究发现搜索和招聘强度的周期性波动对解释大衰退后就业复苏乏力至关重要，通过引入招聘成本的内生模型，企业调整职位空缺和招聘强度，从而更准确地预测就业恢复情况。
We show that cyclical fluctuations in search and recruiting intensity are quantitatively important for explaining the weak job recovery from the Great Recession. We demonstrate this result using an estimated labor search model that features endogenous search and recruiting intensity. Since the textbook model with free entry implies constant recruiting intensity, we introduce a cost of vacancy creation, so that firms respond to aggregate shocks by adjusting both vacancies and recruiting intensity. Fluctuations in search and recruiting intensity driven by shocks to productivity and the discount factor help bridge the gap between the actual and model-predicted job-filling rate.