| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6310 |
| DP6310 Credit Constraints and Stock Price Volatility | |
| Assaf Razin; Galina Hale; Hui Tong | |
| 发表日期 | 2007-05-18 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We develop an urban-search model in which firms post wages. When all workers are identical, the Diamond paradox holds, i.e. there is a unique wage in equilibrium even in the presence of search and spatial frictions. This wage is affected by spatial and labour costs. When workers differ according to the value imputed to leisure, we show that, under some conditions, two wages emerge in equilibrium. The commuting cost affects the land market but also the labour market through wages. Workers' productivity also affects housing prices and this impact can be positive or negative depending on the location in the city. One important aspect of our model is that, even with positive search costs, wage dispersion prevails in equilibrium, a feature not possible in the non-spatial model. |
| 主题 | Labour Economics |
| 关键词 | Diamond paradox Search frictions Spatial compensation Urban land-use Wage dispersion |
| URL | https://cepr.org/publications/dp6310 |
| 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/535143 |
| 推荐引用方式 GB/T 7714 | Assaf Razin,Galina Hale,Hui Tong. DP6310 Credit Constraints and Stock Price Volatility. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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