Turbulence and Unemployment in a Job Matching Model
重新评估经济波动与失业的关系，发现若波动对因内生分离而失业的工人技能影响很小，则波动上升反而降低失业，推翻了Ljungqvist和Sargent的结论。
Abstract. According to Ljungqvist and Sargent (1998), high European unem-ployment since the 1980s can be explained by a rise in economic turbulence, leading to greater numbers of unemployed workers with obsolete skills. These workers refuse new jobs due to high unemployment benefits. In this paper we reassess the turbulence-unemployment relationship using a matching model with endogenous job destruction. In our model, higher turbulence reduces the incentives of employed workers to leave their jobs. If turbulence has only a tiny effect on the skills of workers experiencing endogenous separation, then the results of Ljungqvist and Sargent (1998, 2004) are re-versed, and higher turbulence leads to a reduction in unemployment. Thus, changes in turbulence cannot provide an explanation for European unemployment that reconciles the incentives of both unemployed and employed workers.