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Labor Market Flows and Equilibrium Search Unemployment

Wasmer, Etienne; Garibaldi, Pietro - 2021

labor market states. In steady-state, we hence have a theory of equilibrium unemployment determined by both matching …

Persistent link: https://www.econbiz.de/10013320711

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/10011401500

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/10011405857

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/10001510630