Between Search and Walras
构建了一个模型，失业工人同时向n个潜在雇主求职，通过调整n值可以涵盖从搜索模型到瓦尔拉斯型劳动力市场的不同情形。研究发现，当n较小时出现典型的搜索均衡，工资分散且低于劳动边际产出；当n超过一个较小阈值时，所有企业报出竞争性工资，呈现瓦尔拉斯均衡；中间n值则产生混合均衡。模型解释了工资刚性，并对工资、企业更替和失业的联动关系提出了新预测。
We present a model in which unemployed workers simultaneously sample n potential employers. By varying n, we nest search and Walrasian-type models of the labor market. We show that low values of n yield typical search equilibria: the wages are dispersed below the marginal productivity of labor. Interestingly, as n exceeds a relatively small threshold, the Walrasian-type equilibrium emerges with the competitive wage quoted by all firms. For intermediate values of n, the equilibrium is a hybrid of the Walrasian and search equilibria. The model generates wage rigidity and yields novel predictions regarding the comovement of wages, firm turnover, and unemployment.