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Pré-Publication, Document De Travail Année : 2019

Directed search, mismatch and efficiency

Résumé

This short paper provides a directed search model of the labor market in which the persistency of vacant jobs results from a mismatch problem, not from a pure coordination problem. Since firms cannot commit to an output cutoff lower than the posted wage, laissez-faire is inefficient. But, under a binding condition, public policy can restore market efficiency by associating a minimum wage with a layoff tax.
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Dates et versions

halshs-02083453 , version 1 (29-03-2019)

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  • HAL Id : halshs-02083453 , version 1

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Frédéric Gavrel. Directed search, mismatch and efficiency. 2019. ⟨halshs-02083453⟩
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