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Article Dans Une Revue Journal of Labor Economics Année : 2013

Life Cycle Equilibrium Unemployment

Résumé

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

Dates et versions

hal-00759471 , version 1 (30-11-2012)

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Arnaud Chéron, Jean-Olivier Hairault, François Langot. Life Cycle Equilibrium Unemployment. Journal of Labor Economics, 2013, 31 (4), pp.843-882. ⟨10.1086/669941⟩. ⟨hal-00759471⟩
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