| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13674 |
| 来源ID | Working Paper 13674 |
| Frictional Wage Dispersion in Search Models: A Quantitative Assessment | |
| Andreas Hornstein; Per Krusell; Giovanni L. Violante | |
| 发表日期 | 2007-11-14 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Standard search and matching models of equilibrium unemployment, once properly calibrated, can generate only a small amount of frictional wage dispersion, i.e., wage differentials among ex-ante similar workers induced purely by search frictions. We derive this result for a specific measure of wage dispersion -- the ratio between the average wage and the lowest (reservation) wage paid. We show that in a large class of search and matching models this statistic (the "mean-min ratio") can be obtained in closed form as a function of observable variables (i.e., the interest rate, the value of leisure, and statistics of labor market turnover). Various independent data sources suggest that actual residual wage dispersion (i.e., inequality among observationally similar workers) exceeds the model's prediction by a factor of 20. We discuss three extensions of the model (risk aversion, volatile wages during employment, and on-the-job search) and find that, in their simplest versions, they can improve its performance, but only modestly. We conclude that either frictions account for a tiny fraction of residual wage dispersion, or the standard model needs to be augmented to confront the data. In particular, the last generation of models with on-the-job search appears promising. |
| 主题 | Macroeconomics ; Consumption and Investment ; Labor Economics ; Labor Supply and Demand ; Labor Compensation ; Unemployment and Immigration |
| URL | https://www.nber.org/papers/w13674 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571288 |
| 推荐引用方式 GB/T 7714 | Andreas Hornstein,Per Krusell,Giovanni L. Violante. Frictional Wage Dispersion in Search Models: A Quantitative Assessment. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13674.pdf（425KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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