Heterogeneous Jobs and the Aggregate Labour Market

21 Pages Posted: 5 Feb 2019

See all articles by Toshihiko Mukoyama

Toshihiko Mukoyama

Georgetown University - Department of Economics; CIREQ

Date Written: March 2019

Abstract

This paper analyses a simple search‐and‐matching model with heterogeneous jobs. First, I derive an explicit formula that ensures the social efficiency of the equilibrium outcome. This formula generalises the well‐known Hosios condition and clarifies the role of externalities across labour markets for different types of jobs. Second, business cycle fluctuations with heterogeneous jobs are analysed. Heterogeneity in productivity and job stability plays an important role in generating strong labour‐market responses to productivity shocks.

Suggested Citation

Mukoyama, Toshihiko, Heterogeneous Jobs and the Aggregate Labour Market (March 2019). The Japanese Economic Review, Vol. 70, Issue 1, pp. 30-50, 2019, Available at SSRN: https://ssrn.com/abstract=3328854 or http://dx.doi.org/10.1111/jere.12211

Toshihiko Mukoyama (Contact Author)

Georgetown University - Department of Economics ( email )

Washington, DC 20057
United States

CIREQ

C.P. 6128, Succursale Centre-ville
Montreal, Quebec H3C 3J7
Canada

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