Specification and Estimation of Equilibrium Search Models |
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| Affiliation: | 1. LUKE Natural Resources Institute Finland, Latokartanonkaari 9, 00790 Helsinki, Finland;2. INRA Aliss, 65 Boulevard de Brandebourg, 94205 Ivry-sur-Seine, France;3. Toulouse School of Economics, , Manufacture des Tabacs, 21 Allée de Brienne, 31000 Toulouse, France;1. University of Siegen, Unteres Schloss 3, Siegen, D-57072, Germany;2. University of Basel, Faculty of Business and Economics, Peter Merian-Weg 6, Basel CH - 4002, Switzerland;1. Department of Economics, the University of Minnesota, United States;2. School of Economics, Singapore Management University, Singapore;3. Sauder School of Business, the University of British Columbia, Canada;4. Federal Reserve Bank of Minneapolis, United States;5. The National Bureau of Economic Research, United States;1. Sveriges Riksbank, Monetary Policy Department - Research, Stockholm SE-103 37, Sweden;2. TU Dortmund University, Department of Economics, Dortmund D-44227, Germany |
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| Abstract: | This paper considers estimation of a pure equilibrium search model in which all heterogeneity is endogenous and due to information asymmetries, and of variations that allow better fits to the data: Measurement error and heterogeneity in the productivity levels of firms. The model is fit to a random sample of individuals representing 1% of the Danish population in the age group 16–75 years over the period 1981–1990. All specifications are fit by maximum likelihood and provide readily interpretable parameter estimates. Variation in estimates across demographic groups is discussed. Several parameters are common across specifications, and their estimates are reasonably robust. Journal of Economic Literature Classification Numbers: C33, C34, C41, C51, C61, C72, J24, J31, J41, J42, J64 |
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