000			01063nam a22001457a 4500
999			_c522868 _d522868
008			230609b ||||| |||| 00| 0 eng d
100			_aPatterson, Christina _941683
245			_aThe matching multiplier and the amplification of recessions
260			_aThe American Economic Review
300			_a113(4), Apr, 2023: p.982-1012
520			_aThis 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.- Reproduced
773			_aThe American Economic Review
906			_aRECESSION
942			_cAR