| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3172 |
| DP3172 Increased Correlation in Bear markets: A Downside Risk Perspective | |
| Paul Kofman; Kees Koedijk; Rachel Campbell | |
| 发表日期 | 2002-01-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We analyse the consequences of an increase in the supply of highly educated workers on relative and real wages in a search model where wages are set by Nash-bargaining. The key insight is that an increase in the supply of highly educated workers improves the firms? outside option. As a consequence, the real wage of all workers decreases in the short-run. Since this decline is more pronounced for less educated workers, wage inequality increases. In the long-run a better educated work force induces firms to invest more in physical capital. Wage inequality and real wages of highly educated workers increase while real wages of less educated workers may decrease. These results are consistent with the US experience in the 70s and 80s. Based upon differences in legal employment protection we also provide an explanation for the diverging evolution of real and relative wages in Continental Europe. |
| 主题 | Labour Economics |
| 关键词 | Wage inequality Matching Creation costs Firing costs |
| URL | https://cepr.org/publications/dp3172 |
| 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/532196 |
| 推荐引用方式 GB/T 7714 | Paul Kofman,Kees Koedijk,Rachel Campbell. DP3172 Increased Correlation in Bear markets: A Downside Risk Perspective. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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