Volatile hiring: uncertainty in search and matching models
研究了搜索与匹配模型中，不确定性如何通过非线性搜索摩擦和工资谈判影响失业率，发现有限企业家和异质性生产率下，不确定性上升会提高等待的期权价值并减少就业创造。
In search-and-matching models, the nonlinear nature of search frictions increases average unemployment rates during periods with higher volatility. These frictions are not, however, by themselves sufficient to raise unemployment following an increase in <i>perceived</i> uncertainty; though they may do so in conjunction with the common assumption of wages being determined by Nash bargaining. Importantly, option-value considerations play no role in the standard model with free entry. In contrast, when the mass of entrepreneurs is finite and there is heterogeneity in firm-specific productivity, a rise in perceived uncertainty robustly increases the option value of waiting and reduces job creation.