| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6942 |
| DP6942 Is the Washington Consensus Dead? Growth, Openness, and the Great Liberalization, 1970s-2000s | |
| Alan M. Taylor; Antoni Estevadeordal | |
| 发表日期 | 2008-08-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | This study documents two empirical regularities, using data for Denmark and Portugal. First, workers who are hired last, are the first to leave the firm (Last In, First Out; LIFO). Second, workers? wages rise with seniority (= a worker?s tenure relative to the tenure of her colleagues). We seek to explain these regularities by developing a dynamic model of the firm with stochastic product demand and hiring cost (= irreversible specific investments). There is wage bargaining between a worker and its firm. Separations (quits or layoffs) obey the LIFO rule and bargaining is efficient (a zero surplus at the moment of separation). The LIFO rule provides a stronger bargaining position for senior workers, leading to a return to seniority in wages. Efficiency in hiring requires the workers? bargaining power to be in line with their share in the cost of specific investment, Then, the LIFO rule is a way to protect their property right on the specific investment. We consider the effects of Employment Protection Legislation and risk aversion. |
| 主题 | Labour Economics |
| 关键词 | Irreversible investment Efficient bargaining Seniority Lifo Matched employer-employee data Epl |
| URL | https://cepr.org/publications/dp6942 |
| 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/535779 |
| 推荐引用方式 GB/T 7714 | Alan M. Taylor,Antoni Estevadeordal. DP6942 Is the Washington Consensus Dead? Growth, Openness, and the Great Liberalization, 1970s-2000s. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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