| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1630 |
| DP1630 Money in a Real Business Cycle Model | |
| Roger Farmer | |
| 发表日期 | 1997-04-30 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | This paper offers a model of the interaction between composition of jobs and labour market regulation. Ex-post rent-sharing due to search frictions implies that ?good? jobs which have higher creation costs must pay higher wages. This wage differential distorts the composition of jobs, and in the unregulated equilibrium there are too many bad jobs relative to the number of good jobs. Minimum wages and unemployment insurance encourage workers to wait for higher wages, and therefore induce firms to shift the composition of employment towards good jobs. As a result, such regulations, even though they will often increase unemployment, will increase average labour productivity and may improve welfare. The paper then briefly investigates the empirical importance of this interaction using data from the United States. The results suggest that the composition of jobs improves considerably in response to higher minimum wages and more generous unemployment benefits. |
| 主题 | International Macroeconomics |
| 关键词 | Job composition Minimum wages Search Unemployment insurance Wage differentials |
| URL | https://cepr.org/publications/dp1630 |
| 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/530766 |
| 推荐引用方式 GB/T 7714 | Roger Farmer. DP1630 Money in a Real Business Cycle Model. 1997. |
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