The Cyclical Volatility of Labor Markets under Frictional Financial Markets
研究了信贷市场和劳动力市场同时存在摩擦时，金融摩擦如何放大劳动力市场对生产率冲击的波动，将劳动力市场紧度的弹性提高五到八倍，并刻画了动态金融乘数。
We provide a dynamic extension of an economy with search on credit and labor markets (Wasmer and Weil 2004). Financial frictions create volatility. They add an additional, almost acyclical, entry cost to procyclical job creation costs, thus increasing the elasticity of labor market tightness to productivity shocks by a factor of five to eight, compared to a matching economy with perfect financial markets. We characterize a dynamic financial multiplier that is increasing in total financial costs and minimized under a credit market Hosios-Pissarides rule. Financial frictions are an element of the solution to the volatility puzzle.