Wage Posting and Business Cycles: a Quantitative Exploration
Giuseppe Moscarini
(1)
,
Fabien Postel-Vinay
(2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
1
Yale University [New Haven]
2 ECON - Département d'économie (Sciences Po)
3 CREST - Centre de Recherche en Économie et Statistique
4 LEA - Laboratoire d'Economie Appliquée
5 Department of Economics
6 PSE - Paris-Jourdan Sciences Economiques
7 CEPR - Center for Economic Policy Research
8 University of Bristol [Bristol]
9 IZA - Institute for the Study of Labor
10 DELTA - Département et Laboratoire d'Economie Théorique et Appliquée
11 INRA
2 ECON - Département d'économie (Sciences Po)
3 CREST - Centre de Recherche en Économie et Statistique
4 LEA - Laboratoire d'Economie Appliquée
5 Department of Economics
6 PSE - Paris-Jourdan Sciences Economiques
7 CEPR - Center for Economic Policy Research
8 University of Bristol [Bristol]
9 IZA - Institute for the Study of Labor
10 DELTA - Département et Laboratoire d'Economie Théorique et Appliquée
11 INRA
Fabien Postel-Vinay
- Fonction : Auteur
- PersonId : 1321862
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.
Domaines
Economies et financesFormat du dépôt | Fichier |
---|---|
Type de dépôt | Pré-publication, Document de travail |
Titre |
en
Wage Posting and Business Cycles: a Quantitative Exploration
|
Résumé |
en
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.
|
Auteur(s) |
Giuseppe Moscarini
1
, Fabien Postel-Vinay
2, 3, 4, 5, 6, 7, 8, 9, 10, 11
1
Yale University [New Haven]
( 46674 )
- 157 Church Street, New Haven, CT 06510-2100
- États-Unis
2
ECON -
Département d'économie (Sciences Po)
( 226874 )
- 28 rue des Saints-Pères - 75007 Paris
- France
3
CREST -
Centre de Recherche en Économie et Statistique
( 2579 )
- 5, Avenue Henry Le Chatelier, 91120 Palaiseau
- France
4
LEA -
Laboratoire d'Economie Appliquée
( 37750 )
- France
5
Department of Economics
( 120984 )
- University College London - Gower Street - London - WC1E 6BT
- Royaume-Uni
6
PSE -
Paris-Jourdan Sciences Economiques
( 139754 )
- 48 boulevard Jourdan 75014 Paris
- France
7
CEPR -
Center for Economic Policy Research
( 143559 )
- Royaume-Uni
8
University of Bristol [Bristol]
( 220393 )
- Senate House, Tyndall Avenue, Bristol BS8 1TH
- Royaume-Uni
9
IZA -
Institute for the Study of Labor
( 103374 )
- Bonn
- Allemagne
10
DELTA -
Département et Laboratoire d'Economie Théorique et Appliquée
( 25318 )
- 48 boulevard Jourdan - 75014 Paris
- France
11
INRA
( 54079 )
- France
|
Langue du document |
Anglais
|
Date de production/écriture |
2014-12-01
|
Page/Identifiant |
43 p.
|
Public visé |
Scientifique
|
Domaine(s) |
|
Mots-clés (JEL) |
|
Mots-clés |
en
Equilibrium Job Search, Dynamic Contracts, Stochastic Dynamics, Business Cycles
|
Spire (Sciences Po) | 2441/5taek6gt3k8m0r69e1j1ombcc5 |
Origine :
Fichiers produits par l'(les) auteur(s)
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