Search and Rest Unemployment
扩展了Lucas和Prescott的搜寻模型，引入行业异质性冲击，区分了搜寻失业和休息失业，并用封闭解评估模型对失业和工资的定量预测。
This paper develops a tractable version of the Lucas and Prescott (1974) search model. Each of a continuum of industries produces a heterogeneous good using a production technology that is continually hit by idiosyncratic shocks. In response to adverse shocks, some workers search for new industries while others are rest unemployed, waiting for their industry's condition to improve. We obtain closed-form expressions for key aggregate variables and use them to evaluate the model's quantitative predictions for unemployment and wages. Both search and rest unemployment are important for understanding the behavior of wages at the industry level.