| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6192 |
| DP6192 Household Heterogeneity and Real Exchange Rates | |
| Luigi Pistaferri; Narayana Kocherlakota | |
| 发表日期 | 2007-03-16 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We study a search model where workers can apply to high and or low productivity firms. Firms that compete for the same candidate can increase their wage offers as often as they like. We show that if workers apply to two jobs, there is a unique symmetric equilibrium where workers mix between sending both applications to the high and sending both to the low productivity sector. But, efficiency requires that they apply to both sectors because a higher matching rate in the high-productivity sector can then be realized with fewer applications (and consequently fewer coordination frictions) if workers always accept the offer of the most productive sector. However, in the market the worker's payoff is determined by how much the firm with the second highest productivity is willing to bid. This is what prevents them from applying to both sectors. For many configurations, the equilibrium outcomes are the same under directed and random search. Allowing for free entry creates a second source of inefficiency. We discuss the effects of increasing the number of applications and show that our results can easily be generalized to N-firms. |
| 主题 | Labour Economics |
| 关键词 | Simultaneous search Directed search Efficiency Heterogeneous firms |
| URL | https://cepr.org/publications/dp6192 |
| 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/535029 |
| 推荐引用方式 GB/T 7714 | Luigi Pistaferri,Narayana Kocherlakota. DP6192 Household Heterogeneity and Real Exchange Rates. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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