English, Article, Journal or magazine article edition: Productivity and job flows: Heterogeneity of new hires and continuing jobs in the business cycle Kilponen , Juha; Vanhala, Juuso

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Productivity and job flows: Heterogeneity of new hires and continuing jobs in the business cycle
Author
  • Kilponen , Juha
  • Vanhala, Juuso
Physical Description
  • preprint
Notes
  • This paper focuses on productivity dynamics of a firm-worker match as a potential explanation for the ‘unemployment volatility puzzle’. We let new matches and continuing jobs differ in terms of productivity level and sensitivity to aggregate productivity shocks. As a result, new matches have a higher destruction rate and lower, but more volatile, wages than old matches, as new hires receive technology associated with the latest vintage. In our model, an aggregate productivity shock generates a persistent productivity difference between the two types of matches, creating an incentive to open new productive vacancies and to destroy old matches that are temporarily less productive. The model produces a well behaved Beveridge curve, despite endogenous job destruction and more volatile vacancies and unemployment, without needing to rely on differing wage setting mechanisms for new and continuing jobs.
  • matching; productivity shocks; new hires; continuing jobs; job flows; Beveridge curve; vintage structure
  • RePEc:hhs:bofrdp:2009_015
Language
  • English
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