Download or read book Equilibrium Wage Dispersion written by Damien Gaumont and published by . This book was released on 2006 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: Search models with posting and match-specific heterogeneity generate wage dispersion. Given K values for the match-specific variable, it is known that there are K reservation wages that could be posted, but generically never more than two actually are posted in equilibrium. What is unknown is when we get two wages, and which wages are actually posted. For an example with K = 3, we show equilibrium is unique; may have one wage or two; and when there are two, the equilibrium can display any combination of posted reservation wages, depending on parameters. We also show how wages, profits, and unemployment depend on productivity.
Download or read book IMF Working Papers written by Damien Gaumont and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Equilibrium Wage Dispersion written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2006-01-01 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Search models with posting and match-specific heterogeneity generate wage dispersion. Given K values for the match-specific variable, it is known that there are K reservation wages that could be posted, but generically never more than two actually are posted in equilibrium. What is unknown is when we get two wages, and which wages are actually posted. For an example with K = 3, we show equilibrium is unique; may have one wage or two; and when there are two, the equilibrium can display any combination of posted reservation wages, depending on parameters. We also show how wages, profits, and unemployment depend on productivity.
Download or read book Equilibrium Wage Dispersion Firm Size and Growth written by Melvyn Coles and published by . This book was released on 1997 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Equilibrium Wage Distributions written by Joseph E. Stiglitz and published by . This book was released on 2010 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes equilibrium in labor markets with costly search. Even in steady state equilibrium, identical labor may receive different wages; this may be the case even when the only source of imperfect information is the inequality of wages which the market is perpetuating. When there are information imperfections arising from (symmetric)differences in non-pecuniary characteristics of jobs and preferences of individuals, there will not in general exist a full employment, zero profit single wage equilibrium.There are, in general, a multiplicity of equilbria. Equilibrium may be characterized by unemployment; in spite of the presence of an excess supply of labor, no firm is willing to hire workers at a lowerwage. It knows that if it does so, the quit rate will be higher, and hence turnover costs(training costs) will be higher, so much so that profits will actually be lower. The model thus provides a rationale for real wage rigidity. The model also provides a theory of equilibrium frictional unemployment.Though the constrained optimality (taking explicitly into account the costs associated with obtaining information and search) may entail unemployment and wage dispersion, the levels of unemployment and wage dispersion in the market equilibrium will not, in general, be (constrained) optimal.
Download or read book Alternative Models of Wage Dispersion written by Damien Gaumont and published by International Monetary Fund. This book was released on 2005 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze labor market models where the law of one price does not hold-that is, models with equilibrium wage dispersion. We begin by assuming workers are ex ante heterogeneous, and highlight a flaw with this approach: if search is costly, the market shuts down. We then assume workers are homogeneous, but matches are ex post heterogeneous. This model is robust to search costs, and it delivers equilibrium wage dispersion. However, we prove the law of two prices holds: generically, we cannot get more than two wages. We explore several other models, including one combining ex ante and ex post heterogeneity, which is robust and can deliver more than two-point wage distributions.
Download or read book Efficiency Wages written by Andrew Weiss and published by Princeton University Press. This book was released on 2014-07-14 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Known for his seminal work in efficiency-wage theory, Andrew Weiss surveys recent research in the field and presents new results. He shows how wage schedules affect the kinds of workers a firm employs and how well those workers perform on the job. Using straightforward examples, he demonstrates how efficiency-wage theory can explain labor market outcomes and guide government policy. There is a separate section of applications to less developed countries. "Efficiency-wage models represent one of the most important developments in economic theory of recent years. They have, at last, provided integrated explanations both of macroeconomic phenomena, such as unemployment and wage rigidity, and microeconomic phenomena, such as wage dispersion. Weiss--one of the pioneers of efficiency-wage theory--provides here a masterful survey, a lucid and systematic and yet critical account of this rapidly developing branch of economics. This book should be required reading in all courses in macroeconomics."--Joseph Stiglitz, Stanford University "Efficiency Wages should be on the bookshelf of all labor and macroeconomists."--Lawrence H. Summers, Harvard University "A splendid monograph ... most readable... I will put it on my reading list."--Partha Dasgupta, Stanford University Originally published in 1991. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Download or read book Alternative Theories of Wage Dispersion written by Damien Gaumont and published by . This book was released on 2005 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze labor market models where the law of one price does not hold; i.e., models with equilibrium wage dispersion. We begin assuming workers are ex ante heterogeneous, and highlight a flaw with this approach: if search is costly, the market shuts down. We then assume workers are homogeneous but matches are ex post heterogeneous. This model is robust to search costs, and delivers equilibrium wage dispersion. However, we prove the law of two prices holds: generically we cannot get more than two wages. We explore several other models, including one combining ex ante and ex post heterogeneity; this model is robust, and can deliver more than two-point wage distributions.
Download or read book Equilibrium Wage Dispersion with Worker and Employer Heterogeneity written by Fabien Postel-Vinay and published by . This book was released on 2002 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Equilibrium Search with Continous Productivity Dispersion Theory and Non parametric Estimation written by Christian Bontemps and published by . This book was released on 1998 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Job Matching Wage Dispersion and Unemployment written by Dale T. Mortensen and published by Oxford University Press, USA. This book was released on 2011-04-28 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: A selection of key papers from the winners of the Nobel Memorial Prize 2010. It features their most important work on unemployment, labour market dynamics, and the equilibrium search model.
Download or read book Wage Dispersion and Equilibrium Search Models written by Giovanni Sulis and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a structural estimation of an equilibrium search model with on-the-job search and heterogeneity in firms' productivities using a sample of Italian male workers. Results indicate that arrival rates of offers for workers are higher when unemployed than when employed and firms exploit their monopsony power when setting wages. As a result, workers earn far less than their marginal product. The model is then used to study regional labour market differentials in Italy. Wide variation in frictional transition parameters across areas helps to explain persistent unemployment and wage differentials.
Download or read book Endogenous Wage and Capital Dispersion On the job Search and the Matching Technology written by Fernando Galindo-Rueda and published by . This book was released on 2002 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Wage Dispersion written by Dale Mortensen and published by MIT Press. This book was released on 2003 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: A theoretical and empirical examination of wage differentials findsthat traditional theories of competition do not explain why workers with identical skills are paid differently.
Download or read book Handbook of Labor Economics written by Orley Ashenfelter and published by Elsevier. This book was released on 2010-10-27 with total page 1140 pages. Available in PDF, EPUB and Kindle. Book excerpt: What factors affect the ways individuals participate in labor markets?New Developments and Research on Labor Markets (volume 4B) proposes answers to this and other questions on important topics of public policy. Leading labor economists demonstrate how better data and advanced experiments help them apply economic theory, yielding sharper analyses and conclusions. The combinations of these improved empirical findings with new models enable the authors of these chapters to reveal how labor economists are developing new and innovative ways to measure key parameters and test important hypotheses. Concentrates on empirical research in specific labor markets, including those defined by age, gender, and race Reveals how questions and answers about these markets have changed and how models measure them Documents how conceptual models and empirical work explain important practical issues
Download or read book Labour Markets with Company Wage Policies written by Alan Manning and published by . This book was released on 1994 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Estimation of Equilibrium Wage Distributions with Heterogeneity written by Audra J. Bowlus and published by . This book was released on 1995 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
