中文摘要
本文表明，劳动力市场中衰退的不均等归宿放大了总量冲击。利用美国的行政数据，我记录了工人的边际消费倾向（MPC）与其收入对GDP的弹性之间存在正协方差，这是新一类异质性个体模型的关键矩。我将匹配乘数定义为源于高MPC工人匹配到更具周期性工作岗位所导致的乘数增加。我表明，该协方差足够大，足以在均等暴露基准下使总量MPC增加20%。(JEL E21, E23, E24, E32)
Abstract
This paper shows that the unequal incidence of recessions in the labor market amplifies aggregate shocks. Using administrative data from the United States, I document a positive covariance between workers' marginal propensities to consume (MPCs) and their elasticities of earnings to GDP, which is a key moment for a new class of heterogeneous-agent models. I define the matching multiplier as the increase in the multiplier stemming from this matching of high MPC workers to more cyclical jobs. I show that this covariance is large enough to increase the aggregate MPC by 20 percent over an equal exposure benchmark. (JEL E21, E23, E24, E32)