Endogenous Separations, Wage Rigidities, and Unemployment Volatility

IF 6.3 1区经济学 Q1 ECONOMICS

American Economic Journal-Macroeconomics Pub Date : 2022-01-01 DOI:10.1257/mac.20180314

Mikael Carlsson, Andreas Westermark

引用次数: 2

Abstract

We show that in microdata, as well as in a search and matching model with flexible wages for new hires, wage rigidities of incumbent workers have substantial effects on separations and unemployment volatility. Allowing for an empirically relevant degree of wage rigidities for incumbent workers drives unemployment volatility as well as the volatility of vacancies and tightness to that in the data. Thus, the degree of wage rigidity for newly hired workers is not a sufficient statistic for determining the effect of wage rigidities on macroeconomic outcomes. This finding affects the interpretation of a large empirical literature on wage rigidities. (JEL E24, J23, J31, J41, J63)

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内生分离、工资刚性和失业波动

我们发现，在微观数据中，以及在具有新雇员灵活工资的搜索和匹配模型中，在职工人的工资刚性对离职和失业波动有实质性影响。考虑到在职工人的工资刚性在经验上的相关程度，会导致失业率的波动，以及空缺的波动和数据中的紧缩程度。因此，新雇佣工人的工资刚性程度并不是确定工资刚性对宏观经济结果影响的充分统计数据。这一发现影响了对大量关于工资刚性的实证文献的解释。(j24, j23, j31, j41, j63)

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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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.