Efficient Search on the Job and the Business Cycle
构建了一个在职定向搜索模型，利用企业-工人匹配质量的异质性驱动工人状态转换，发现当匹配为经验品时，生产率冲击会引发工人转换、失业和职位空缺的大幅波动。
The paper develops a model of directed search on the job in which transitions of workers between unemployment and employment and across employers are driven by heterogeneity in the quality of firm-worker matches. The equilibrium is such that the agents' value and policy functions are independent of the endogenous distribution of workers across employment states. Hence, the model can be solved outside of the steady state and used to measure the effect of cyclical productivity shocks on the labor market. Productivity shocks are found to generate large fluctuations in workers' transitions, unemployment, and vacancies when matches are experience goods, but not when matches are inspection goods.