| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11318 |
| DP11318 Unemployment Fluctuations, Match Quality, and the Wage Cyclicality of New Hires | |
| Antonella Trigari; Mark Gertler; Christopher Huckfeldt | |
| 发表日期 | 2016-06-09 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Macroeconomic models often incorporate some form of wage stickiness to help account for employment fluctuations. However, a recent literature calls into question this approach, citing evidence of new hire wage cyclicality from panel data studies as evidence for contractual wage flexibility for new hires, which is the relevant margin for employment volatility. We analyze data from the SIPP and find that the wages for new hires coming from unemployment are no more cyclical than those of existing workers, suggesting wages are sticky at the relevant margin. The new hire wage cyclicality found in earlier studies instead appears to reflect cyclical average wage gains of workers making job-to-job transitions, which we interpret as evidence of procyclical match quality for new hires from employment. We then develop a quantitative general equilibrium model with sticky wages via staggered contracting, on-the-job search, and variable match quality, and show that it can account for both the panel data evidence and aggregate labor market regularities. An additional implication of the model is that a sullying effect of recessions emerges, along the lines originally suggested by Barlevy (2002). |
| 主题 | Labour Economics ; Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp11318 |
| 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/540134 |
| 推荐引用方式 GB/T 7714 | Antonella Trigari,Mark Gertler,Christopher Huckfeldt. DP11318 Unemployment Fluctuations, Match Quality, and the Wage Cyclicality of New Hires. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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