| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12316 |
| DP12316 Wage posting, nominal rigidity, and cyclical inefficiencies | |
| Coen N. Teulings; Axel Gottfries | |
| 发表日期 | 2017-09-20 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We consider a Burdett/Mortensen style wage posting model with aggregate shocks. We analyze the equilibrium under two alternative assumptions on wage setting in ongoing jobs: either fully flexible or downwardly rigid. In the model firms optimally pay only retention premiums. The equilibrium is characterized by a Taylor expansion. The model yields two simultaneous relations for wages and quits, of which the parameters are simple functions of three empirically observable arrival rates of: (i) jobs, (ii) lay offs, and (iii) aggregate shocks. Hence, there are overidentifying restrictions, which are supported remarkably well by the data. We find strong evidence for wage downward rigidity and inefficiently low job-to-job transitions during the downturn. Furthermore, we find evidence that firms pay only retention premiums, not hiring premiums. A model with wage rigidity in ongoing jobs and OJS is therefore a useful benchmark for a wage equation in macro models. Under rigidity, job-to-job transitions are in efficiently low during the downturn. |
| 主题 | Labour Economics ; Monetary Economics and Fluctuations |
| 关键词 | Nominal wage rigidity On-the-job search Job-to-job transitions |
| URL | https://cepr.org/publications/dp12316 |
| 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/541126 |
| 推荐引用方式 GB/T 7714 | Coen N. Teulings,Axel Gottfries. DP12316 Wage posting, nominal rigidity, and cyclical inefficiencies. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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