G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1614
DP1614 Stock Returns, Term Structure, Inflation and Real Activity: An International Perspective
Fabio Canova; Gianni de Nicolò
发表日期1997-03-27
出版年1997
语种英语
摘要In market economies identical workers appear to receive very different wages, violating the ?law of one price? of Walrasian markets. It is argued in this paper that in the absence of a Walrasian auctioneer to coordinate trade: (i) wage dispersion among identical workers is very often an equilibrium phenomenon; and (ii) such dispersion is necessary for a market economy to function. The paper analyses an environment in which firms post wages and workers may, at a small cost, observe one or more of the posted wages, i.e. search, before deciding where to apply. Both with homogeneous and heterogeneous forms, equilibrium wage dispersion is necessary for the economy to approximate efficiency. Without wage dispersion, workers do not search, and wages are depressed. As a result: (a) there is excessive entry of firms; and (b) because, in the absence of search, high-productivity firms cannot attract workers faster than low-productivity firms, their relative profitability is reduced, and technology choices are distorted.
主题International Macroeconomics
关键词Efficiency Search Search intensity Sorting Wage dispersion Wage posting
URLhttps://cepr.org/publications/dp1614
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/530751
推荐引用方式
GB/T 7714
Fabio Canova,Gianni de Nicolò. DP1614 Stock Returns, Term Structure, Inflation and Real Activity: An International Perspective. 1997.
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