Job Destruction and Propagation of Shocks
在动态一般均衡模型中引入劳动力市场匹配和内生的岗位破坏，发现岗位破坏率的周期性波动会放大产出冲击的效应并使其更持久，资本调整与岗位破坏率的相互作用是产生持久性的关键。
This paper considers propagation of aggregate shocks in a dynamic general-equilibrium model with labor-market matching and endogenous job destruction. Cyclical fluctuations in the job-destruction rate magnify the output effects of shocks, as well as making them much more persistent. Interactions between capital adjustment and the job-destruction rate play an important role in generating persistence. Propagation effects are shown to be quantitatively substantial when the model is calibrated using job-flow data. Incorporating costly capital adjustment leads to significantly greater propagation.