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A test between unemployment theories using matching data
Coles, Melvyn; Petrongolo, Barbara - London School of Economics (LSE) - 2003
This paper tests whether aggregate matching is consistent with unemployment being mainly due to search frictions or due … to job queues. Using U.K. data and correcting for temporal aggregation bias, estimates of the random matching function … are consistent with previous work in this field, but random matching is formally rejected by the data. The data instead …
Persistent link: https://www.econbiz.de/10010928750
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Imperfect competition in the labour market
Manning, Alan - London School of Economics (LSE) - 2010
It is increasingly recognized that labour markets are pervasively imperfectly competitive, that there are rents to the employment relationship for both worker and employer. This chapter considers why it is sensible to think of labour markets as imperfectly competitive, reviews estimates on the...
Persistent link: https://www.econbiz.de/10010745736
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Labor search and matching in macroeconomics
Yashiv, Eran - London School of Economics (LSE) - 2007
The labor search and matching model plays a growing role in macroeconomic analysis. This paper provides a critical …
Persistent link: https://www.econbiz.de/10011071476
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Equilibrium analysis, banking, contagion and financial fragility
Tsomocos, Dimitrios P. - London School of Economics (LSE) - 2003
This paper contains a general equilibrium model of an economy with incomplete markets (GEI) with money and default. The model is a simplified version of the real world consisting of a non-bank private sector, banks, a central bank, a government and a regulator. The model is used to analyse...
Persistent link: https://www.econbiz.de/10010884714
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Efficiency properties of rational expectations equilibria with asymmetric information
Rahi, Rohit; Gottardi, Piero - London School of Economics (LSE) - 2001
In this paper we provide a characterization of the welfare properties of rational expectations equilibria of economies in which, prior to trading, agents have some information over the realization of uncertainity. We study a model with asymmetrically informed agents, treating symmetric...
Persistent link: https://www.econbiz.de/10010745753
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Value of information in competitive economies with incomplete markets
Gottardi, Piero; Rahi, Rohit - London School of Economics (LSE) - 2007
A substantial literature addresses the negative eect on welfare of the release of information in a competitive market economy. We show that the value of information in this setting is typically positive if asset markets are suciently incomplete. More specically, for any competitive equilibrium...
Persistent link: https://www.econbiz.de/10010746178
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Evaluating the performance of the search and matching model
Yashiv, Eran - London School of Economics (LSE) - 2005
Does the search and matching model fit aggregate U.S. labor market data? While the model has become an important tool …
Persistent link: https://www.econbiz.de/10011071277
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The Shimer puzzle and the correct identification of productivity shocks
Barnichon, Regis - London School of Economics (LSE) - 2007
Shimer (2005a) claims that the Mortensen-Pissarides search model of unemployment lacks an ampiflication mechanism because it cannot generate the observed business cycle fluctuations in unemployment given labor productivity shocks of plausible magnitude. This paper argues that part of the problem...
Persistent link: https://www.econbiz.de/10010884680
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Creative destruction with on-the-job search
Michau, Jean-Baptiste - London School of Economics (LSE) - 2007
matching model in an economy with embodied technological progress and show that its dynamics are profoundly affected by …
Persistent link: https://www.econbiz.de/10010744813
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The Beveridge curve
Yashiv, Eran - London School of Economics (LSE) - 2007
underlying theory is the search and matching model, with workers and firms engaging in costly search leading to random matching … from it, generated by matching. …
Persistent link: https://www.econbiz.de/10010744873