AI 中文总结
该研究利用行政数据，构建含总风险与工人-企业异质性的定向搜索模型，发现经济衰退扭曲工人-企业匹配，其相关扭曲约占累计产出损失的35%。
AI 中文摘要
我们利用行政数据证实，工人在生产率更高的企业能积累更多人力资本。经济衰退会扭曲工人与企业的匹配，拉平职业阶梯并影响人力资本积累，因为工人平均会匹配到更差的企业。为量化这些效应的总体重要性，我们构建了含总风险与工人-企业异质性的定向搜索模型，其中人力资本积累取决于企业质量。我们估计该模型后发现，经济衰退会对工人-企业匹配的生产率产生持续负面影响，匹配扭曲与人力资本积累扭曲约占累计产出损失的35%。
英文摘要
Using administrative data, we document that workers acquire more human capital at more productive firms. Recessions distort workers-firm sorting, flatten the job ladder and impact human capital accumulation, as workers match on average to worse firms. To quantify the aggregate relevance of these effects, we build a directed search model with aggregate risk and worker-firm heterogeneity, in which human capital accumulation depends on firm quality. We estimate the model and show that recessions have persistent negative effects on the productivity of worker-firm matches, with distortions in sorting and human capital accumulation accounting for approximately 35% of cumulative output losses.
