Moscarini, Giuseppe; Postel-Vinay, Fabien - National Bureau of Economic Research - 2023
We introduce on-the-job search frictions in an otherwise standard monetary DSGE New-Keynesian model. Heterogeneity in … productivity across jobs gives rise to a job ladder. Firms Bertrand-compete for employed workers according to the Sequential … Auctions protocol of Postel-Vinay and Robin (2002). Outside job offers to employed workers, when accepted, reallocate …