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摘要
En 中文
We present a model in which unemployed workers simultaneously sample n potential employers. By varying n, we nest search and Walrasian-type models of the labor market. We show that low values of n yield typical search equilibria: the wages are dispersed below the marginal productivity of labor. Interestingly, as n exceeds a relatively small threshold, the Walrasian-type equilibrium emerges with the competitive wage quoted by all firms. For intermediate values of n, the equilibrium is a hybrid of the Walrasian and search equilibria. The model generates wage rigidity and yields novel predictions regarding the comovement of wages, firm turnover, and unemployment.
Keyword:
WAGE DISPERSION
UNEMPLOYMENT
MODEL
MONOPSONY
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5
论文数:
1.4K
被引数:
6.1K
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