| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1239 |
| DP1239 Equilibrium Currency Crises: Are Multiple Equilibria Self-fulfilling or History Dependent? | |
| David Vines; Gareth Davies | |
| 发表日期 | 1995-09-30 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | In this paper we examine the persistent effects of past wages of displaced workers on the probability of finding a new job and on wages in the new job. We use a new database looking at the post-displacement experience of a sample of Belgian workers who have lost their jobs because of a sizeable reduction in the work-force of their firm. We decompose past wages into a market return to human capital, a firm-specific component (the `firm effect'), and an individual component. We develop an information model of wages and test its predictions. These predictions are validated by the evidence on subsequent wages. We also find that spells of unemployment are long, but that re-employed workers suffer limited wage losses on re-employment. This suggests that some institutional constraints prevent wages from falling. |
| 关键词 | Economic growth Northern ireland Peripherality Supply-side |
| URL | https://cepr.org/publications/dp1239 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530382 |
| 推荐引用方式 GB/T 7714 | David Vines,Gareth Davies. DP1239 Equilibrium Currency Crises: Are Multiple Equilibria Self-fulfilling or History Dependent?. 1995. |
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