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1、CHAPTER6SearchandUnemploymentKEYIDEASINTHISCHAPTER1.Inthischapter,weworkwithtwosearchmodelsofunemployment–aone-sidedsearchmodel,andatwo-sidedsearchmodel.2.Theone-sidedsearchmodelexplainsthebehaviorofanunemployedworkerwhoreceiveswageoffersdrawnfromafixeddistribution,andmustchoosehisorherrese
2、rvationwage.3.Themodeldeterminesthereservationwage,andthelong-termunemploymentrate,whichdependontheseparationrate,thejobofferrate,thewagedistribution,andemploymentinsurancebenefits.4.Thetwo-sidedsearchmodelconstructedinthischapterisintendedtoexplainStatisticsCanadalabormarketdata,andtoorgan
3、izeourthinkingabouttheroleplayedbythelabormarketinthemacroeconomy.5.Keylabormarketvariablesaretheunemploymentrate,theparticipationrate,andtheemployment/populationratio.6.Inthetwo-sidedlaborsearchmodel,onthesupplysideofthelabormarket,thereareNconsumerswhochoosebetweenhomeproductionandlaborma
4、rketsearch.Onthedemandsideofthelabormarket,firmscaneitherbeidleorcanpayacosttopostvacancies.Thenumberofsearchingwould-beworkersandthenumberofsearchingfirmsdeterminesthenumberofsuccessfulmatchesinthelabormarket,throughthematchingfunction.Eachsuccessfulmatchproducesoutput.7.Forconsumers,searc
5、hingforworkbecomesmoreattractivethehigherthemarketwage,thehigherislabormarkettightness,andthehigheristheunemploymentinsurancebenefit.8.Forfirms,postingvacanciesbecomesmoreattractivetheloweristhecostofpostingavacancy,thelowerislabormarkettightness,thehigherisproductivity,andtheloweristhemark
6、etwage.9.Inequilibrium,inthetwo-sidedsearchmodel,ahigherunemploymentinsurancebenefitincreasestheunemploymentrate,reduceslabormarkettightness,reducesthevacancyrate,andhasanambiguouseffectonthelaborforce.10.Inequilibrium,anincreaseinproductivityincreaseslabormarkettightness,reducestheunemploy
7、mentrate,increasesthevacancyrate,andincreasesthelaborforce.11.Inequilibrium,adecreaseinmatchingefficiencyreduceslabormarkettightness,increasestheunemploymentrate,andmayresultinanincreaseoradecreaseinthevacancyrate.Thelaborforcedecreases.Copyright?2018Pea
