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Non-stationary job search when jobs are not forever: A structural estimation
García Pérez, J. Ignacio
Universitat Pompeu Fabra. Departament d'Economia i Empresa
This paper considers a job search model where the environment is notstationary along the unemployment spell and where jobs do not lastforever. Under this circumstance, reservation wages can be lower thanwithout separations, as in a stationary environment, but they can alsobe initially higher because of the non-stationarity of the model. Moreover,the time-dependence of reservation wages is stronger than with noseparations. The model is estimated structurally using Spanish data forthe period 1985-1996. The main finding is that, although the decrease inreservation wages is the main determinant of the change in the exit ratefrom unemployment for the first four months, later on the only effect comesfrom the job offer arrival rate, given that acceptance probabilities areroughly equal to one.
15-09-2005
Labour, Public, Development and Health Economics
job search
nonstationarity
unemployment
separation probability
structural estimation
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