Search Frictions, Labor Supply, and the Asymmetric Business Cycle
构建了一个经济周期模型，解释美国失业率在波峰和波谷之间的非对称性以及劳动参与率的对称波动，发现搜索摩擦是导致非对称性的唯一原因，而劳动参与决策通过改变求职者池的规模和构成影响搜索摩擦。
Abstract We develop a business cycle model that generates asymmetry between peaks and troughs of the unemployment rate and symmetric fluctuations of the participation rate as in the U.S. data. We calibrate the model and find that search frictions are solely responsible for the peak–trough asymmetry. Participation decisions do not generate asymmetry but contribute to the fluctuations in search frictions by changing the size and composition of the pool of job seekers, which in turn affects the tightness ratio and thereby slack in the labor market. The participation rate would be counterfactually asymmetric absent labor supply responses to shocks.