| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP5101
|
| DP5101 Monetary Policy in the Euro Area: Lessons from Five Years of ECB and Implications for Turkey |
| Carlo A. Favero; Fabio Canova
|
| 发表日期 | 2005-06-23
|
| 出版年 | 2005
|
| 语种 | 英语
|
| 摘要 | The prevailing labour market models assume that minimum wages do not affect the labour supply schedule. We challenge this view in this paper by showing experimentally that minimum wages have significant and lasting effects on subjects? reservation wages. The temporary introduction of a minimum wage leads to a rise in subjects? reservation wages that persists even after the minimum wage has been removed. Firms are therefore forced to pay higher wages after the removal of the minimum wage than before its introduction. As a consequence, the employment effects of removing the minimum wage are significantly smaller than are the effects of its introduction. The impact of minimum wages on reservation wages may also explain the anomalously low utilization of sub-minimum wages if employers are given the opportunity of paying less than a minimum wage previously introduced. It may further explain why employers often increase workers' wages after an increase in the minimum wage by an amount exceeding that necessary for compliance with the higher minimum. At a more general level, our results suggest that economic policy may affect people?s behaviour by shaping the perception of what is a fair transaction and by creating entitlement effects. |
| 主题 | Labour Economics
|
| 关键词 | Minimum wages
Labour market
Monopsony
Fairness
Reservation wages
Entitlement
|
| URL | https://cepr.org/publications/dp5101
|
| 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/533992
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推荐引用方式
GB/T 7714 |
Carlo A. Favero,Fabio Canova. DP5101 Monetary Policy in the Euro Area: Lessons from Five Years of ECB and Implications for Turkey. 2005.
|
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