| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP5942
|
| DP5942 Non-Economic Engagement and International Exchange: The Case of Environmental Treaties |
| Andrew Rose; Mark Spiegel
|
| 发表日期 | 2006-11-19
|
| 出版年 | 2006
|
| 语种 | 英语
|
| 摘要 | Standard search and matching models of equilibrium unemployment, once properly calibrated, can generate only a small amount of
frictional wage dispersion, i.e., wage differentials among ex-ante similar workers induced purely by search frictions. We derive this result for a specific measure of wage dispersion---the ratio between the average wage and the lowest (reservation) wage paid. We show that in a large class of search and matching models this statistic (the 'mean-min ratio') can be obtained in closed form as a function of observable variables (i.e., interest rate, value of leisure, and statistics of labour market turnover). Looking at various independent data sources suggests that, empirically, residual wage dispersion (i.e., inequality among observationally similar workers) exceeds the model's prediction by a factor of 20. We discuss three extensions of the model (risk aversion, volatile wages during employment, and on-the-job search) and find that, in their simplest version, they can improve its performance, but only modestly. We conclude that either frictions account for a tiny fraction of residual wage dispersion, or the standard model needs to be augmented to confront the data. |
| 主题 | International Macroeconomics
; Labour Economics
|
| 关键词 | Mean-min ratio
Search
Wage dispersion
|
| URL | https://cepr.org/publications/dp5942
|
| 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/534776
|
推荐引用方式
GB/T 7714 |
Andrew Rose,Mark Spiegel. DP5942 Non-Economic Engagement and International Exchange: The Case of Environmental Treaties. 2006.
|
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