Endogenous Separations, Wage Rigidities, and Unemployment Volatility
研究发现，在微观数据和搜索匹配模型中，现有工人的工资刚性对分离率和失业波动有显著影响，而新雇员工资刚性并非决定宏观经济结果的关键因素。
We show that in microdata, as well as in a search and matching model with flexible wages for new hires, wage rigidities of incumbent workers have substantial effects on separations and unemployment volatility. Allowing for an empirically relevant degree of wage rigidities for incumbent workers drives unemployment volatility as well as the volatility of vacancies and tightness to that in the data. Thus, the degree of wage rigidity for newly hired workers is not a sufficient statistic for determining the effect of wage rigidities on macroeconomic outcomes. This finding affects the interpretation of a large empirical literature on wage rigidities.