The Matching Function and Nonlinear Business Cycles
研究了匹配弹性变化如何影响求职率与生产率的关系，并放大或减弱劳动力市场的非线性波动，发现弹性小幅变动就会显著改变高阶矩和最优政策。
Abstract The Cobb‐Douglas matching function is ubiquitous in labor search and matching models, even though it imposes a constant matching elasticity that is unlikely to hold empirically. To examine the implications of this discrepancy, this paper uses a general constant returns to scale matching function to derive conditions that show how the cyclicality of the matching elasticity affects the shape of the job finding rate as a function of productivity and amplifies or dampens nonlinear labor market dynamics. It then shows that modest variation in the matching elasticity, consistent with recent estimates, significantly affects higher order moments and optimal policy. This motivates research that can provide greater clarity on the matching function specification.