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  • BONHOMME Stéphane (10)
  • POSTEL-VINAY Fabien (8)
  • MAGNAC Thierry (7)
  • MEGHIR Costas (7)
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  • Article (47)
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in Les produits dérivés : quelles conséquences économiques ? Sous la direction de LEGROS Florence Publié en 1996
ORLÉAN André
ROBIN Jean-Marc
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in American Economic Review Publié en 2014-06
BAGGER Jesper
FONTAINE François
POSTEL-VINAY Fabien
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We develop and estimate an equilibrium job search model of worker careers, allowing for human capital accumulation, employer heterogeneity and individual-level shocks. Wage growth is decomposed into contributions of human capital and job search, within and between jobs. Human capital accumulation is largest for highly educated workers. The contribution from job search to wage growth, both within- and between-job, declines over the first ten years of a career – the ‘job-shopping’ phase of a working life – after which workers settle into high-quality jobs using outside offers to generate gradual wage increases, thus reaping the benefits from competition between employers.

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We develop and estimate an equilibrium job search model of worker careers, allowing for human capital accumulation, employer heterogeneity and individual-level shocks. Monthly wage growth is decomposed into the contributions of human capital and job search, within and between jobs. Human capital accumulation is found to be the most important source of wage growth in early phases of workers’ careers, but is soon surpassed by search-induced wage growth. Conventional measures of the returns to tenure hide substantial heterogeneity between different workers in the same firm and between similar workers in different firms.

in American Economic Review Publié en 2017-04
LISE Jeremy
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We develop an equilibrium model of on-the-job search with ex ante heterogeneous workers and firms, aggregate uncertainty, and vacancy creation. The model produces rich dynamics in which the distributions of unemployed workers, vacancies, and worker-firm matches evolve stochastically over time. We prove that the surplus function, which fully characterizes the match value and the mobility decision of workers, does not depend on these distributions. This result means the model is tractable and can be estimated. We illustrate the quantitative implications of the model by fitting to US aggregate labor market data from 1951-2012. The model has rich implications for the cyclical dynamics of the distribution of skills of the unemployed, the distribution of types of vacancies posted, and sorting between heterogeneous workers and firms.

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We construct and estimate an equilibrium search model with on–the–job–search. Firms make take–it–or–leave–it wage offers to workers conditional on their characteristics and they can respond to the outside job offers received by their employees. Unobserved worker productive heterogeneity is introduced in the form of cross–worker differences in a "competence" parameter. On the other side of the market, firms also are heterogeneous with respect to their marginal productivity of labor. The model delivers a theory of steady–state wage dispersion driven by heterogenous worker abilities and firm productivities, as well as by matching frictions. The structural model is estimated using matched employer and employee French panel data. The exogenous distributions of worker and firm heterogeneity components are nonparametrically estimated. We use this structural estimation to provide a decomposition of cross–employee wage variance. We find that the share of the cross–sectional wage variance that is explained by person effects varies across skill groups. Specifically, this share lies close to 40% for high–skilled white collars, and quickly decreases to 0% as the observed skill level decreases. The contribution of market imperfections to wage dispersion is typically around 50%.

in Economic History Review Publié en 1992-08
POSTEL-VINAY Gilles
ROBIN Jean-Marc
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Studies of the scale and pattern of food consumption in France during the early modern period down to the mid nineteenth century have usually underscored the extent to which households depended on local agricultural production. In a country which was still rural, even peasant in character, the means of sustenance were seen as regionally varied and almost immutable over time. In this view, most of the food available in a given place came from the family land or from farms in the neighbourhood, and people were thus assumed to have found more than go per cent of their consumption needs within a very small area, perhaps within a radius of three miles (...).

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We consider an equilibrium search model with on-the-job search where firms set wages. When an employee receives an outside job offer, it is optimal for the employer to try to retain the employee by matching the offer. This results in a wage increase for the worker. However, if workers are able to vary their search intensity, then this ‘offer-matching’ policy runs into a moral hazard problem. Knowing that outside offers lead to wage increases, workers tend to search more intensively, which is costly for the firms. Assuming that firms can commit never to match outside offers, we examine the set of firm types for which it is preferable to do so. In particular, we show that a plausible pattern is one where a ‘dual’ labor market emerges, with ‘bad’ jobs at low-productivity, nonmatching firms and ‘good’ jobs at high-productivity, matching firms.

in COGITO, la lettre de la recherche à Sciences Po Publié en 2018-04
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Y a t-il plus de chômeurs qualifiés lorsque l’économie est en récession ? Les chômeurs sont-ils alors plus souvent contraints d’accepter des emplois de moindre qualité ? À l’inverse, les employés trouvent-ils plus facilement de meilleurs emplois lorsque l’économie rebondit ? Pour répondre à ces questions, Jean-Marc Robin, chercheur au Département d’économie de Sciences Po, et Jeremy Lise, Associate Professor à l’Université du Minnesota, ont élaboré un modèle macroéconomique très riche qu’ils ont calibré sur données américaines. Ils en ont fait l’exposé dans la très prestigieuse The American Economic Review : The Macro-dynamics of Sorting between Workers and Firms. Aperçu.

We compare earnings inequality and mobility across the U.S., Canada, France, Germany and the U.K. during the late 1990s. A flexible model of earnings dynamics that isolates mobility within a stable earnings distribution, allowing, or not, for fixed effects is estimated. Earnings trajectories are then simulated given baseyear earnings and lifetime annuity value distributions are constructed. Equalizing mobility is positively correlated with earnings inequality. The models with and without fixed effects provide upper and lower bounds, respectively, on the resultant lifetime inequality levels, and reveal that the countries have more similar long run inequality levels than cross-section measures suggest.

Publié en 2011-09
JACQUEMET Nicolas
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We propose a search-matching model of the marriage market that extends Shimer and Smith (2000) to allow for labor supply. We characterize the steady-state equilibrium when exogenous divorce is the only source of risk. The estimated matching probabilities that can be derived from the steady-state flow conditions are strongly increasing in both male and female wages. We estimate that the share of marriage surplus appropriated by the man increases with his wage and that the share appropriated by the woman decreases with her wage. We find that leisure is an inferior good for men and a normal good for women.

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