Life-Cycle Equilibrium Unemployment
Copyright policy )Life-Cycle Equilibrium Unemployment
This paper extends the job creation--job destruction approach to the labor market to take into account a deterministic finite horizon. As hirings and separations depend on the time over which investment costs can be recouped, the life-cycle setting implies age-differentiated labor-market flows. While search by the unemployed falls with age, the separation rate is rather U-shaped over the life cycle. Worker heterogeneity in the context of undirected search implies an intergenerational externality, which is not eliminated by the Hosios condition. We show that age-specific policies are required to attain the first-best allocation
job search, matching, life cycle, 330, Job search, J22, Arbeitsuche, OECD-Staaten, search; matching; retirement; life cycle, JEL: J - Labor and Demographic Economics/J.J1 - Demographic Economics/J.J1.J14 - Economics of the Elderly • Economics of the Handicapped • Non-Labor Market Discrimination, life cycle, Matching, and Immigrant Workers/J.J6.J63 - Turnover • Vacancies • Layoffs, Theorie der Arbeitslosigkeit, [SHS.ECO] Humanities and Social Sciences/Economics and Finance, Vacancies, and Immigrant Workers/J.J6.J64 - Unemployment: Models, Altersgruppe, Saving, ddc:330, Incidence, matching, Arbeitsnachfrage, Production, Labor Markets, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, JEL: D - Microeconomics/D.D9 - Intertemporal Choice/D.D9.D91 - Intertemporal Household Choice • Life Cycle Models and Saving, JEL: J - Labor and Demographic Economics/J.J6 - Mobility, Arbeitsmarktpolitik, Duration, Unemployment, JEL: J - Labor and Demographic Economics/J.J2 - Demand and Supply of Labor/J.J2.J26 - Retirement • Retirement Policies, Lebenszyklus, and Informal Economy/E.E2.E24 - Employment • Unemployment • Wages • Intergenerational Income Distribution • Aggregate Human Capital • Aggregate Labor Productivity, Investment, JEL: E - Macroeconomics and Monetary Economics/E.E2 - Consumption, and Job Search, Theorie, jel: jel:J22, jel: jel:J26, jel: jel:H55
job search, matching, life cycle, 330, Job search, J22, Arbeitsuche, OECD-Staaten, search; matching; retirement; life cycle, JEL: J - Labor and Demographic Economics/J.J1 - Demographic Economics/J.J1.J14 - Economics of the Elderly • Economics of the Handicapped • Non-Labor Market Discrimination, life cycle, Matching, and Immigrant Workers/J.J6.J63 - Turnover • Vacancies • Layoffs, Theorie der Arbeitslosigkeit, [SHS.ECO] Humanities and Social Sciences/Economics and Finance, Vacancies, and Immigrant Workers/J.J6.J64 - Unemployment: Models, Altersgruppe, Saving, ddc:330, Incidence, matching, Arbeitsnachfrage, Production, Labor Markets, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, JEL: D - Microeconomics/D.D9 - Intertemporal Choice/D.D9.D91 - Intertemporal Household Choice • Life Cycle Models and Saving, JEL: J - Labor and Demographic Economics/J.J6 - Mobility, Arbeitsmarktpolitik, Duration, Unemployment, JEL: J - Labor and Demographic Economics/J.J2 - Demand and Supply of Labor/J.J2.J26 - Retirement • Retirement Policies, Lebenszyklus, and Informal Economy/E.E2.E24 - Employment • Unemployment • Wages • Intergenerational Income Distribution • Aggregate Human Capital • Aggregate Labor Productivity, Investment, JEL: E - Macroeconomics and Monetary Economics/E.E2 - Consumption, and Job Search, Theorie, jel: jel:J22, jel: jel:J26, jel: jel:H55
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