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1、Chapter6:SearchandUnemploymentCHAPTER6SearchandUnemploymentKEYIDEASINTHISCHAPTER1.Inthischapter,weworkwithtwosearchmodelsofunemployment–aone-sidedsearchmodel,andatwo-sidedsearchmodel.2.Theone-sidedsearchmodelexplainsthebehaviorofanunemployedworkerwhoreceiveswageoffersdrawnfromafixeddistribution
2、,andmustchoosehisorherreservationwage.3.Themodeldeterminesthereservationwage,andthelong-termunemploymentrate,whichdependontheseparationrate,thejobofferrate,thewagedistribution,andemploymentinsurancebenefits.4.Thetwo-sidedsearchmodelconstructedinthischapterisintendedtoexplainStatisticsCanadalabo
3、rmarketdata,andtoorganizeourthinkingabouttheroleplayedbythelabormarketinthemacroeconomy.5.Keylabormarketvariablesaretheunemploymentrate,theparticipationrate,andtheemployment/populationratio.6.Inthetwo-sidedlaborsearchmodel,onthesupplysideofthelabormarket,thereareNconsumerswhochoosebetweenhomepr
4、oductionandlabormarketsearch.Onthedemandsideofthelabormarket,firmscaneitherbeidleorcanpayacosttopostvacancies.Thenumberofsearchingwould-beworkersandthenumberofsearchingfirmsdeterminesthenumberofsuccessfulmatchesinthelabormarket,throughthematchingfunction.Eachsuccessfulmatchproducesoutput.7.Forc
5、onsumers,searchingforworkbecomesmoreattractivethehigherthemarketwage,thehigherislabormarkettightness,andthehigheristheunemploymentinsurancebenefit.8.Forfirms,postingvacanciesbecomesmoreattractivetheloweristhecostofpostingavacancy,thelowerislabormarkettightness,thehigherisproductivity,andthelowe
6、risthemarketwage.9.Inequilibrium,inthetwo-sidedsearchmodel,ahigherunemploymentinsurancebenefitincreasestheunemploymentrate,reduceslabormarkettightness,reducesthevacancyrate,andhasanambiguouseffectonthelaborforce.10.Inequilibrium,anincreaseinproductivityincreaseslabormarkettightness,reducestheun
7、employmentrate,increasesthevacancyrate,andincreasesthelaborforce.11.Inequilibrium,adecreaseinmatchingefficiencyreduceslabormarkettightness,increasestheunemploymentrate,andmayresultinanincreaseoradecreaseinthevacancyrate.Thelaborfo
