advantage in the most complex tasks relative to capital, and because the wages of the least skilled workers are sufficiently low … relative to their productivity and the effective cost of capital in low-complexity tasks. Minimum wages and other sources of … higher wages at the bottom make interior automation less likely. Starting with interior automation, a reduction in the cost …

This paper explains why firms with identical opportunities may use different technologies and offer different wages …). In equilibrium, some firms adopt high fixed cost, high productivity technologies, offer high wages, and fill job openings … quickly. Other firms adopt less capital-intensive technologies and offer lower wages, hiring mostly uninformed workers. In …

-sharing due to search frictions implies that "good" jobs which have higher creation costs must pay higher wages. This wage … number of good jobs. Minimum wages and unemployment insurance encourage workers to wait for higher wages and therefore induce … improves considerably in response to higher minimum wages and more generous unemployment benefits …