Wage posting and business cycles: A quantitative exploration
| Autor: | Giuseppe Moscarini, Fabien Postel-Vinay |
|---|---|
| Rok vydání: | 2016 |
| Předmět: |
Economics and Econometrics
media_common.quotation_subject 05 social sciences Wage Wage dispersion Microeconomics Business economics Random search 0502 economics and business Unemployment Business cycle Economics Statistical dispersion 050207 economics Empirical evidence 050205 econometrics media_common |
| Zdroj: | Review of Economic Dynamics. 19:135-160 |
| ISSN: | 1094-2025 |
| DOI: | 10.1016/j.red.2015.11.001 |
| Popis: | We provide a quantitative exploration of business cycles in a frictional labor market under contract-posting. The steady-state random search and wage-posting model of Burdett and Mortensen (1998) has become the canonical structural framework for empirical analysis of worker turnover and equilibrium wage dispersion. In this paper, we provide an efficient algorithm to simulate a dynamic stochastic equilibrium version of this model, the Stochastic Burdett–Mortensen model, and evaluate its performance against empirical evidence on fluctuations in unemployment, vacancies and wages. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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