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Haefke, Christian; Sonntag, Marcus; van Rens, Thijs - C.E.P.R. Discussion Papers - 2012

Recent research in macroeconomics emphasizes the role of wage rigidity in accounting for the volatility of unemployment … aggregate labor market conditions. The wage of new hires, unlike the aggregate wage, is volatile and responds almost one …-to-one to changes in labor productivity. We conclude that there is little evidence for wage stickiness in the data. We also show …

Persistent link: https://www.econbiz.de/10011084442

Skill-Biased Technological Change and the Business Cycle

Balleer, Almut; van Rens, Thijs - C.E.P.R. Discussion Papers - 2011

Over the past two decades, technological progress in the United States has been biased towards skilled labor. What does this imply for business cycles? We construct a quarterly skill premium from the CPS and use it to identify skill-biased technology shocks in a VAR with long-run restrictions....

Persistent link: https://www.econbiz.de/10009643505

Search and Matching in Macroeconomics

Yashiv, Eran - C.E.P.R. Discussion Papers - 2006

This paper surveys the use of search and matching models in macroeconomics. It outlines the standard model, discusses its extensions, presents alternative formulations, considers the empirical evidence, and studies applications to macroeconomic questions such as business cycles, growth, and...

Persistent link: https://www.econbiz.de/10005792066

Locational Competition versus Cooperation in Labour Markets: An Implicit Contract Reinterpretation

Burda, Michael C; Mertens, Antje - C.E.P.R. Discussion Papers - 1994

clearing under such conditions can lead to wage and income variability. In such cases demand for insurance against regional … shocks which affect the regions. Real wage and other types of flexibility will be invoked by localities only in response to …

Persistent link: https://www.econbiz.de/10005124289

Unions and Wage Insurance

Burda, Michael C - C.E.P.R. Discussion Papers - 1995

Existing theories of unions emphasize their impact on wage levels relative to the opportunity cost of leisure. This … paper explores the possibility that monopoly unions provide income insurance against idiosyncratic wage variability. An … optimal union contract is characterized by real wage and other types of flexibility only in response to systematic changes in …

Persistent link: https://www.econbiz.de/10005124366

The Earnings Dynamics of Immigrant Labour

Schmidt, Christoph M - C.E.P.R. Discussion Papers - 1993

Empirical evidence on the labour market performance of immigrants shows that migrant workers suffer from an initial earnings disadvantage compared to observationally equivalent native workers, but that their subsequent earnings tend to increase faster than native earnings. Economists usually try...

Persistent link: https://www.econbiz.de/10005067590

Employment and Distributional Effects of Restricting Working Time

Marimon, Ramon; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 1999

We study the emplyment and distributional effects of regulating (reducing) working time in a general equilibrium model with search-matching frictions. Job creation entails some fixed costs, but existing jobs are subject to diminishing returns. We characterize the equilibrium in the de-regulated...

Persistent link: https://www.econbiz.de/10005067610

Unemployment and Increasing Returns to Human Capital

Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 1994

This paper studies a model of human capital accumulation with real wage rigidity. It is shown that the arbitrage …

Persistent link: https://www.econbiz.de/10005124159

Reference Dependence and Labor-Market Fluctuations

Eliaz, Kfir; Spiegler, Ran - C.E.P.R. Discussion Papers - 2012

We incorporate reference-dependent preferences into a search-and-matching model of the labor market, in which firms have all the bargaining power and productivity follows an AR(1) process. Motivated by Akerlof (1982) and Bewley (1999), we assume that existing workers are willing to exert unobserved,

Persistent link: https://www.econbiz.de/10011083374

Efficiency Wages Revisited: The Internal Reference Perspective

Danthine, Jean-Pierre; Kurmann, Andre - C.E.P.R. Discussion Papers - 2004

The missing wage rigidity in general equilibrium models of efficiency wages is an artifact of the external wage … reference perspective conventionally adopted by the literature. Efficiency wage models based on an internal wage reference … perspective are capable of generating strong wage rigidity. We propose a structural model of efficiency wages that is broadly …

Persistent link: https://www.econbiz.de/10005124415

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