How Sticky Wages in Existing Jobs Can Affect Hiring

IF 6.3 1区经济学 Q1 ECONOMICS

American Economic Journal-Macroeconomics Pub Date : 2021-12-30 DOI:10.1257/mac.20190338

Mark Bils, Yongsung Chang, Sun-Bin Kim

引用次数: 0

Abstract

We consider a matching model of employment with flexible wages for new hires but sticky wages within matches. Unlike most models of sticky wages, we allow effort to respond if wages are too high or too low. In the Mortensen-Pissarides model, employment is not affected by wage stickiness in existing matches. But it is in our model. If wages of matched workers are stuck too high, firms require more effort, lowering the value of additional labor and reducing hiring. We find that effort’s response can greatly increase wage inertia. (JEL E24, J23, J31, J41, M51)

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现有工作的粘性工资如何影响招聘

我们考虑了一种就业匹配模型，即对新员工实行弹性工资，但在匹配范围内实行粘性工资。与大多数粘性工资模型不同，我们允许在工资过高或过低的情况下做出反应。在Mortensen-Pissarides模型中，就业不受现有匹配中工资粘性的影响。但它在我们的模型中。如果匹配工人的工资过高，企业就需要付出更多的努力，从而降低额外劳动力的价值，减少招聘。我们发现，努力的反应可以极大地增加工资惯性。(j24, j23, j31, j41, m51)

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来源期刊

American Economic Journal-Macroeconomics ECONOMICS-

CiteScore

8.20

自引率

1.70%

发文量

期刊介绍： American Economic Journal: Macroeconomics focuses on studies of aggregate fluctuations and growth, and the role of policy in that context. Such studies often borrow from and interact with research in other fields, such as monetary theory, industrial organization, finance, labor economics, political economy, public finance, international economics, and development economics. To the extent that they make a contribution to macroeconomics, papers in these fields are also welcome.