Equilibrium Wage And Employment Dynamics In A Model Of Wage Posting Without Commitment PDF Download
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Author | : Melvyn G. Coles |
Publisher | : |
Total Pages | : 29 |
Release | : 2011 |
Genre | : Economics |
ISBN | : |
Download Equilibrium Wage and Employment Dynamics in a Model of Wage Posting Without Commitment Book in PDF, ePub and Kindle
A rich but tractable variant of the Burdett-Mortensen model of wage setting behavior is formulated and a dynamic market equilibrium solution to the model is defined and characterized. In the model, firms cannot commit to wage contracts. Instead, the Markov perfect equilibrium to the wage setting game, characterized by Coles (2001), is assumed. In addition, firm recruiting decisions, firm entry and exit, and transitory firm productivity shocks are incorporated into the model Given that the cost of recruiting workers is proportional to firm employment, we establish the existence of an equilibrium solution to the model in which wages are not contingent on firm size but more productive employers always pay higher wages. Although the state space, the distribution of workers over firms, is large in the general case, it reduces to a scalar that can be interpreted as the unemployment rate in the special case of homogenous firms. Furthermore, the equilibrium is unique. As the dimension of the state space is equal to the number of firms types in general, an (approximate) equilibrium is computable -- National Bureau of Economic Research web site.
Author | : Melvyn Glyn Coles |
Publisher | : |
Total Pages | : 29 |
Release | : 2011 |
Genre | : Economics |
ISBN | : |
Download Equilibrium wage and employment dynamics in a model of wage posting without commitment Book in PDF, ePub and Kindle
A rich but tractable variant of the Burdett-Mortensen model of wage setting behavior is formulated and a dynamic market equilibrium solution to the model is defined and characterized. In the model, firms cannot commit to wage contracts. Instead, the Markov perfect equilibrium to the wage setting game, characterized by Coles (2001), is assumed. In addition, firm recruiting decisions, firm entry and exit, and transitory firm productivity shocks are incorporated into the model. Given that the cost of recruiting workers is proportional to firm employment, we establish the existence of an equilibrium solution to the model in which wages are not contingent on firm size but more productive employers always pay higher wages. Although the state space, the distribution of workers over firms, is large in the general case, it reduces to a scalar that can be interpreted as the unemployment rate in the special case of homogenous firms. Furthermore, the equilibrium is unique. As the dimension of the state space is equal to the number of firms types in general, an (approximate) equilibrium is computable.
Author | : Thomas J. Kniesner |
Publisher | : Now Publishers Inc |
Total Pages | : 83 |
Release | : 2010 |
Genre | : Business & Economics |
ISBN | : 1601983700 |
Download Hedonic Wage Equilibrium Book in PDF, ePub and Kindle
Hedonic Wage Equilibrium examines empirically and theoretically the properties of the equilibrium wage function.
Author | : Ben Lockwood |
Publisher | : |
Total Pages | : 46 |
Release | : 1988 |
Genre | : Economics |
ISBN | : |
Download Dynamic Wage-employment Bargaining with Employment Adjustment Costs Book in PDF, ePub and Kindle
Author | : Dale Mortensen |
Publisher | : MIT Press |
Total Pages | : 170 |
Release | : 2003 |
Genre | : Business & Economics |
ISBN | : 9780262633192 |
Download Wage Dispersion Book in PDF, ePub and Kindle
A theoretical and empirical examination of wage differentials findsthat traditional theories of competition do not explain why workers with identical skills are paid differently.
Author | : Wilfred Beckerman |
Publisher | : Bloomsbury Academic |
Total Pages | : 240 |
Release | : 1986 |
Genre | : Business & Economics |
ISBN | : |
Download Wage Rigidity and Unemployment Book in PDF, ePub and Kindle
Author | : Henning Bunzel |
Publisher | : Emerald Group Publishing |
Total Pages | : 613 |
Release | : 2006-03-30 |
Genre | : Business & Economics |
ISBN | : 0444520899 |
Download Structural Models of Wage and Employment Dynamics Book in PDF, ePub and Kindle
Selected papers from a conference held in honour of Professor Dale T. Mortensen upon the occasion of his 65th birthday. It includes papers on some of Professor Dale T. Mortensen's current research topics, as well as additional theoretical papers, and micro- and macro-econometric papers.
Author | : Dale Mortensen |
Publisher | : |
Total Pages | : 32 |
Release | : 1998 |
Genre | : |
ISBN | : |
Download Equilibrium Unemployment with Wage Posting: Burdett-Mortensen Meet Pissarides Book in PDF, ePub and Kindle
Author | : Arthur Cecil Pigou |
Publisher | : |
Total Pages | : 322 |
Release | : 1978 |
Genre | : Business & Economics |
ISBN | : |
Download Employment and Equilibrium Book in PDF, ePub and Kindle
Author | : Jeremy Lise |
Publisher | : |
Total Pages | : |
Release | : 2013 |
Genre | : Compensation management |
ISBN | : |
Download Mismatch, Sorting and Wage Dynamics Book in PDF, ePub and Kindle
We develop an empirical search-matching model which is suitable for analyzing the wage, employment and welfare impact of regulation in a labor market with heterogeneous workers and jobs. To achieve this we develop an equilibrium model of wage determination and employment which extends the current literature on equilibrium wage determination with matching and provides a bridge between some of the most prominent macro models and microeconometric research. The model incorporates productivity shocks, long-term contracts, on-the-job search and counter-offers. Importantly, the model allows for the possibility of assortative matching between workers and jobs due to complementarities between worker and job characteristics. We use the model to estimate the potential gain from optimal regulation and we consider the potential gains and redistributive impacts from optimal unemployment insurance policy. Here optimal policy is defined as that which maximizes total output and home production, accounting for the various constraints that arise from search frictions. The model is estimated on the NLSY using the method of moments.