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1 décembre 2014
- handle: 10670/1.b6q3hf
- hal: hal-03460143
- SCIENCESPO: 2441/5taek6gt3k8m0r69e1j1ombcc5
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Mots-clés
Equilibrium Job Search Dynamic Contracts Stochastic Dynamics Business Cycles J - Labor and Demographic Economics/J.J6 - Mobility, Unemployment, Vacancies, and Immigrant Workers/J.J6.J64 - Unemployment: Models, Duration, Incidence, and Job Search J - Labor and Demographic Economics/J.J3 - Wages, Compensation, and Labor Costs/J.J3.J31 - Wage Level and Structure • Wage Differentials E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E32 - Business Fluctuations • CyclesSujets proches
Labor and laboring classes Earnings Wage rates Wage-fund Departmental salaries Remuneration Pay Salaries Compensation Working class--Wages Joblessness Pattern Model Balancing (Physics) Balance (Physics) Balance Economic fluctuations Economic cyclesCiter ce document
Giuseppe Moscarini et al., « Wage Posting and Business Cycles: a Quantitative Exploration », HAL-SHS : économie et finance, ID : 10670/1.b6q3hf
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Résumé
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 (SBM) model, and evaluate its performance against empirical evidence on fluctuations in unemployment, vacancies and wages.