摘要: This paper assesses how various approaches to modeling the separation margin affect ability of Mortensen-Pissarides job matching model explain key facts about aggregate labor market. Allowing for realistic time variation in rate, whether exogenous or endogenous, greatly increases unemployment variability generated by model. Specifications with rates, constant time-varying, fail produce volatility and productivity responsiveness rate worker flows. endogenous on other hand, succeed along these dimensions. In addition, on-the-job search yields a Beveridge curve correlation performs well accounting market tightness. While adopting Hagedorn-Manovskii calibration approach improves behavior finding volume job-to-job transitions specification becomes essentially zero.
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