Job Destruction and Propagation of Shocks：（工作破坏和传播的冲击）.pdfVIP

Job Destruction and Propagation of Shocks By WOUTER J. DEN HAAN, GAREY RAMEY, AND JOEL WATSON * This paper considers propagation of aggregate shocks in a dynamic general- equilibrium model with labor-market matching and endogenous job destruction. Cyclical fluctuations in the job-destruction rate magnify the output effects of shocks, as well as making them much more persistent. Interactions between capital adjust- ment and the job-destruction rate play an important role in generatin