the number of job applications that workerssend out. The wage distribution and job search intensities are simultaneously …

vacancies post the same wage. When a= 1, the common posted wage lies between the competitive and monopsony levels, and … equilibrium is efficient. When a > 1, all vacancies post the monopsony wage. Some workers fail to find a job, some find a job at … the monopsony wage, and some—those for whom there is competition—get the competitive wage. Equilibrium is inefficient when …

. Our estimation results show that a 1 percent point decrease in unemployment rate increases wage offers with 3 percent …