Low, Hamish; Meghir, Costas; Pistaferri, Luigi - Institute for the Study of Labor (IZA) - 2008
We specify a structural life-cycle model of consumption, labour supply and job mobility in an economy with search … frictions that allows us to distinguish between different sources of risk and to estimate their effects. The sources of risk are … shocks to productivity, job destruction, the process of job arrival when employed and unemployed and match level …