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Moral Hazard and Unemployment in Competitive Equilibrium
Rey, Patrick; Stiglitz, Joseph E. - National Bureau of Economic Research - 2024
Principal-agent models take outside options, determining participation and incentive constraints, as given. We construct a general equilibrium model where workers' reservation wages and the maximum punishment acceptable before workers quit are instead determined endogenously. We simultaneously...
Persistent link: https://www.econbiz.de/10014635663
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The Costs of Job Displacement over the Business Cycle and Its Sources : Evidence from Germany
Schmieder, Johannes; Wachter, Till von; Heining, Jörg - National Bureau of Economic Research - 2022
We document the sources behind the costs of job loss over the business cycle using administrative data from Germany. Losses in annual earnings after displacement are large, persistent, and highly cyclical, nearly doubling in size during downturns. A large part of the long-term earnings losses...
Persistent link: https://www.econbiz.de/10013334381
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Wages and Informality in Developing Countries
Meghir, Costas - 2012
It is often argued that informal labor markets in developing countries promote growth by reducing the impact of regulation. On the other hand informality may reduce the amount of social protection offered to workers. We extend the wage-posting framework of Burdett and Mortensen (1998) to allow...
Persistent link: https://www.econbiz.de/10012460313
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Labor Market Matching, Wages, and Amenities
Lamadon, Thibaut; Lise, Jeremy; Meghir, Costas; Robin, … - National Bureau of Economic Research - 2024
This paper develops the nonparametric identification of models with production complementarities, worker-firm specific disutility of labor and search frictions. Mobility in the model is subject to preference shocks, and we assume that firms can write wage contracts. We develop a constructive...
Persistent link: https://www.econbiz.de/10014635650
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Meritocracy across Countries
Bandiera, Oriana; Kotia, Ananya; Lindenlaub, Ilse; … - National Bureau of Economic Research - 2024
Are labor markets in higher-income countries more meritocratic, in the sense that worker-job matching is based on … the role of worker-job matching in development accounting, we build an equilibrium matching model that allows for cross … determine match feasibility; (ii) technology, which determines the returns to matching; and (iii) idiosyncratic matching …
Persistent link: https://www.econbiz.de/10014528414
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u* = √uv
Michaillat, Pascal; Saez, Emmanuel - National Bureau of Economic Research - 2022
Most governments are mandated to maintain their economies at full employment. We propose that the best marker of full employment is the efficient unemployment rate, u*. We define u* as the unemployment rate that minimizes the nonproductive use of labor--both jobseeking and recruiting. The...
Persistent link: https://www.econbiz.de/10013334429
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Minimally Altruistic Wages and Unemployment in a Matching Model
Rotemberg, Julio J. - 2008
This paper presents a model in which firms recruit both unemployed and employed workers by posting vacancies. Firms act monopsonistically and set wages to retain their existing workers as well as to attract new ones. The model differs from Burdett and Mortensen (1998) in that its assumptions...
Persistent link: https://www.econbiz.de/10012464892
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An Empirical Model of Wage Dispersion with Sorting
Bagger, Jesper - 2014
-employee data. We find evidence of positive assortative matching. In the estimated equilibrium match distribution, the correlation … between worker skill and firm productivity is 0.12. The assortative matching has a substantial impact on wage dispersion. We …
Persistent link: https://www.econbiz.de/10012458633
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Job Loss, Job Finding, and Unemployment in the U.S. Economy Over the Past Fifty Years
Hall, Robert E. - 2005
of the high magnitude actually observed. In the standard theory developed over the past two decades, the wage moves to …
Persistent link: https://www.econbiz.de/10012466998
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Wage Structure and Labor Mobility in the Netherlands 1999-2003
Borghans, Lex - 2007
In this paper we document the wage structure and labor mobility in the Netherlands in the period 1999-2003. We explain the importance of wage-setting institutions in the Netherlands and the main actors. The analyses are based on administrative sources allowing for comparisons between and within...
Persistent link: https://www.econbiz.de/10012465443