摘要：Does the search and matching model fit aggregate U.S. labor market data? While
the model has become an important tool of macroeconomic analysis, recent
literature pointed to some failures in accounting for the data. This paper aims
to answer two questions: (i) Does the model fit the data, and, if so, on what
dimensions? (ii) Does the data “fit” the model, i.e. what are the data which are
relevant to be explained by the model? The analysis shows that the model does
fit certain specifications of the data on many dimensions, though not on all.
This includes capturing the high persistence and high volatility of most of the
key variables, as well as the negative co-variation of unemployment and
vacancies. It offers a workable, empirically-grounded version of the model for
the analysis of aggregate U.S. labor market dynamics. The paper provides
macroeconomists guidance concerning the relevant “building block” for modelling
the labor market, both in terms of the model and in terms of the data.
关键词：search, matching, U.S. labor market, vacancies, labor market flows, business
cycles.
