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The cyclical volatility of labor markets under frictional financial markets

Petrosky-Nadeau, Nicolas; Wasmer, Etienne - 2010

a financial accelerator of about 3.6 (exogenous wages) to 4.5 (endogenous wages). Both match Shimer (2005)'s elasticity …" assumption in Hagedorn and Manovskii (2008): we keep the value of wages over productivity below 0.78. We conclude that financial …

Persistent link: https://www.econbiz.de/10008810695

Labor market flows and equilibrium search unemployment

Garibaldi, Pietro; Wasmer, Etienne - 2001

of large flows between employment, unemployment and inactivity. Secondly, it shows that unemployment and aggregate wages …

Persistent link: https://www.econbiz.de/10011405565

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

Commuting, wages and bargaining power

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 … combinations of distance and wages are accepted, there is non-random selection of accepted job offers. We build on these … ingredients to explore in the data the relationship between wages and commute time. We find that neglecting to account for this …

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

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

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

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 cost and constant returns of labor, the bargaining...

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