High Discounts and Low Fundamental Surplus: An Equivalence Result for Unemployment Fluctuations
证明，在Diamond-Mortensen-Pissarides搜索模型中，时变风险溢价与等价的时变休闲价值对失业波动具有观测等价性，并推导了劳动力市场紧度对生产率和风险溢价冲击的半弹性公式，为识别折现率设定错误提供了方法。
We establish an observational equivalence between unemployment fluctuations of the Diamond-Mortensen-Pissarides search economy augmented with time varying risk premia and an otherwise identical economy without risk premia but with a time varying value of leisure. This equivalence holds for general risk premia processes and allows us to view the effects of different models of risk premia as operating through a single channel—one that alters the value of leisure. We derive simple expressions for semielasticities of labor market tightness with respect to productivity and risk premium shocks. We show wages can be used to detect misspecification in the discount rate process used in hiring decisions. This paper was accepted by Lukas Schmid, finance. Supplemental Material: The online appendix is available at https://doi.org/10.1287/mnsc.2022.03712 .