| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5619 |
| DP5619 Was There a British House Price Bubble? Evidence from a Regional Panel | |
| John Muellbauer; Anthony Murphy; Gavin Cameron | |
| 发表日期 | 2006-04-04 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Individual labour earnings observed in worker panel data have complex, highly persistent dynamics. We investigate the capacity of a structural job search model with i.i.d. productivity shocks to replicate salient properties of these dynamics, such as the covariance structure of earnings, the evolution of individual earnings mean and variance with the duration of uninterrupted employment, or the distribution of year-to-year earnings changes. Specifically, we show within an otherwise standard job search model how the combined assumptions of on-the-job search and wage renegotiation by mutual consent act as a quantitatively plausible 'internal propagation mechanism' of i.i.d. productivity shocks into persistent wage shocks. The model suggests that wage dynamics should be thought of as the outcome of a specific acceptance/rejection scheme of i.i.d. productivity shocks. This offers an alternative to the conventional linear ARMA-type approach to modelling earnings dynamics. Structural estimation of our model on a 12-year panel of highly educated British workers shows that our simple framework produces a dynamic earnings structure which is remarkably consistent with the data. |
| 主题 | Labour Economics |
| 关键词 | Job search Individual shocks Structural estimation Covariance structure of earnings |
| URL | https://cepr.org/publications/dp5619 |
| 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/534468 |
| 推荐引用方式 GB/T 7714 | John Muellbauer,Anthony Murphy,Gavin Cameron. DP5619 Was There a British House Price Bubble? Evidence from a Regional Panel. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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