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Labor Market Flows and Equilibrium Search Unemployment
Garibaldi, Pietro; Wasmer, Etienne - 2001
labor market states. In steady-state, we hence have a theory of equilibrium unemployment determined by both matching …
Persistent link: https://www.econbiz.de/10010262607
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Labor Market Efficiency, Wages and Employment when Search Frictions Interact with Intrafirm Bargaining
Cahuc, Pierre; Wasmer, Etienne - 2001
contradiction between two influential theories. On one hand, in the standard search-matching theory with wage bargaining, hiring … and always gives rise to over-employment. In this paper, we try to reconcile the approaches. A simple matching model with … employment compared to the efficient allocation than in the standard search-matching model. …
Persistent link: https://www.econbiz.de/10010262510
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Interpreting Europe and US Labor Markets Differences: The Specificity of Human Capital Investments
Wasmer, Etienne - 2002
This paper suggests that in the US context, workers tend to invest in general human capital especially since they face little employment protection and low unemployment benefits, while the European model (generous benefits and higher duration of jobs) favors specific human capital investments....
Persistent link: https://www.econbiz.de/10010262696
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Higher Education Levels, Firms' Outside Options and the Wage Structure
Rosén, Åsa; Wasmer, Etienne - 2002
We analyze the consequences of an increase in the supply of highly educated workers on relative and real wages in a search model where wages are set by Nash-bargaining. The key insight is that an increase in the supply of highly educated workers improves the firms? outside option. As a...
Persistent link: https://www.econbiz.de/10010276358
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Macroeconomic dynamics in a model of goods, labor and credit market frictions
Petrosky-Nadeau, Nicolas; Wasmer, Etienne - 2011
Building a model with three imperfect markets - goods, labor and credit - representing a product's life-cycle, we find that goods market frictions drastically change the qualitative and quantitative dynamics of labor market variables. The calibrated model leads to a significant reduction in the...
Persistent link: https://www.econbiz.de/10010278356
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A steady-state model of a non-walrasian economy with three imperfect markets
Wasmer, Etienne - 2011
Unemployment may depend on equilibrium in other markets than the labor markets. This paper adresses this old idea by introducing search frictions on several markets: in a model of credit and labor market imperfections as in Wasmer and Weil (2004), I further introduce search on the goods market....
Persistent link: https://www.econbiz.de/10010278660
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Interpreting Europe and US Labor Markets Differences: The Specificity of Human Capital Investments
Wasmer, Etienne - Institute for the Study of Labor (IZA) - 2002
This paper suggests that in the US context, workers tend to invest in general human capital especially since they face little employment protection and low unemployment benefits, while the European model (generous benefits and higher duration of jobs) favors specific human capital investments....
Persistent link: https://www.econbiz.de/10005761750
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Labor Market Efficiency, Wages and Employment when Search Frictions Interact with Intrafirm Bargaining
Cahuc, Pierre; Wasmer, Etienne - Institute for the Study of Labor (IZA) - 2001
contradiction between two influential theories. On one hand, in the standard search-matching theory with wage bargaining, hiring … matching model with large firms and diminishing marginal productivity of labor allows us to show that the two limit cases … frequently over-employment compared to the efficient allocation than in the standard search-matching model. …
Persistent link: https://www.econbiz.de/10005703320
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Higher Education Levels, Firms’ Outside Options and the Wage Structure
Rosén, Åsa; Wasmer, Etienne - Institute for the Study of Labor (IZA) - 2002
We analyze the consequences of an increase in the supply of highly educated workers on relative and real wages in a search model where wages are set by Nash-bargaining. The key insight is that an increase in the supply of highly educated workers improves the firms’ outside option. As a...
Persistent link: https://www.econbiz.de/10005703668
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Labor Market Flows and Equilibrium Search Unemployment
Garibaldi, Pietro; Wasmer, Etienne - Institute for the Study of Labor (IZA) - 2001
labor market states. In steady-state, we hence have a theory of equilibrium unemployment determined by both matching …
Persistent link: https://www.econbiz.de/10005763713