具交易障礙的資本重新配置與失業

Abstract

相對於新資本的投資，資本的次級交易市場更具有交易障礙。公司在資本的次級市場交易時，不只需要搜尋交易對象，還可能會受到流動性限制，進而影響到資本重新配置的效率。除了資本重新配置，勞動力也可能會在公司間進行移轉，在流動性限制下，勞動力移轉的不效率會使勞動力留在低生產力的公司，當這些公司倒閉，這些工人就會失業，內生出就業破壞率。而失業率同時受到就業破壞率和就業創造率影響，若在流動性限制下，資本重新配置的不效率會使資本留在低生產力的公司，整個經濟體的預期產出下降，使得勞動力市場的就業創造率下降，失業率上升。這與我們在失業率、資本重新配置與就業破壞率資料中觀察到的趨勢一致。

This paper integrates the frictional capital reallocation model with the frictional labor market to investigate how firms reallocate capital and labor in response to productivity shocks under the constraints of liquidity. We study the impact of inflation and the pledgeability of capital on the efficiency of capital reallocation and, consequently, the labor market. Liquidity constraints primarily influence the unemployment rate through two mechanisms: First, the inefficiency of labor reallocation results in labor remaining with low-productivity firms. When low-productivity firms shut down, these workers lose their jobs, thereby increasing the job destruction rate. Second, the inefficiency of capital reallocation leads to capital remaining with low-productivity firms. This causes the expected output of the entire economy to decline, diminishing the job creation rate in the frictional labor market, contributing to higher unemployment.