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Rupert, Peter; Stancanelli, Elena G. F.; Wasmer, Etienne - 2009

A search model of the labor market is augmented to include commuting time to work. The theory posits that wages are … impact of commute time on job acceptance decisions. We also use the theory to calculate the bargaining power of workers which …

Persistent link: https://www.econbiz.de/10003905644

Local social capital and geographical mobility : some empirics and a conjecture on the nature of European unemployment

David, Quentin (contributor); Janiak, Alexandre (contributor) - 2008

European labor markets are characterized by the low geographical mobility of workers. The absence of mobility is a factor behind high unemployment when jobless people prefer to remain in their home region rather than to go prospecting in more dynamic areas. In this paper, we attempt to...

Persistent link: https://www.econbiz.de/10003752852

Housing and the labor market : time to move and aggregate unemployment

Rupert, Peter; Wasmer, Etienne - 2009

The Mortensen-Pissarides model with unemployment benefits and taxes has been able to account for the variation in unemployment rates across countries but does not explain why geographical mobility is very low in some countries (on average, three times lower in Europe than in the U.S.). We build...

Persistent link: https://www.econbiz.de/10003845963

Local social capital and geographical mobility : a theory

David, Quentin (contributor); Janiak, Alexandre (contributor) - 2008

In this paper, we attempt to understand the determinants of mobility by introducing the concept of local social capital. Investing in local ties is rational when workers anticipate that they will not move to another region. Reciprocally, once local social capital is accumulated, incentives to...

Persistent link: https://www.econbiz.de/10003752851

Layoff costs and efficiency with asymmetric information

Delacroix, Alain; Wasmer, Etienne - 2009

Wage determination under asymmetric information generates inefficiencies due to excess turnover. Severance pay and layoff taxes can improve efficiency. We show that inefficient separations can even be fully removed with fixed separation taxes in the case where the relevant private information is...

Persistent link: https://www.econbiz.de/10003906313

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/10009307979

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/10009308020

Labor market efficiency, wages and employment when search frictions interact with intrafirm bargaining

Cahuc, Pierre; Wasmer, Etienne - 2001

In search of a macroeconomic theory of wage determination, the agnostic reader should be puzzled by the apparent … contradiction between two influential theories. On one hand, in the standard search-matching theory with wage bargaining, hiring … overemployment or to under-employment compared with the first-best. On the other hand, in Stole and Zwiebel's theory of intrafirm …

Persistent link: https://www.econbiz.de/10011401500

Space, search and efficiency

Wasmer, Etienne; Zenou, Yves - 2000

We investigate the role of spatial frictions in search equilibrium unemployment. For that, we develop a model of the labor market in which workers? location in an agglomeration depends on commuting costs, the endogenous price of land and the value of job search and employment. We first show that...

Persistent link: https://www.econbiz.de/10011336862

The macroeconomics of labor and credit market imperfections

Wasmer, Etienne; Weil, Philippe - 2000

Labor market frictions are not the only possible factor responsible for high unemployment. Credit market imperfections, driven by microeconomic frictions and impacted upon by macroeconomic factors such as monetary policy, could also be to blame. This paper shows that labor and credit market...

Persistent link: https://www.econbiz.de/10011336864