| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP1614
|
| 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
|
| URL | https://cepr.org/publications/dp1614
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530751
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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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