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Mismatch, Sorting and Wages Dynamics



Type:   Working paper
Titre:   Mismatch, Sorting and Wages Dynamics
Auteur(s):   Lise, Jeremy - University College of London (Auteur)
Meghir, Costas - Economics department (Auteur)
Robin, Jean-Marc (1961-...) - Département d'économie (Auteur)
Date de publication:   2013
Collection:   NBER Working Paper Series
Mots-clés:   [en] Welfare impact of regulation, Employment, Microeconometric research
JEL:   C15,  C63,  D04,  J08,  J3,  J63,  J64,  J65
Résumé:   [en] We develop an empirical search-matching model which is suitable for analyzing the wage, employment and welfare impact of regulation in a labor market with heterogeneous workers and jobs. To achieve this we develop an equilibrium model of wage determination and employment which extends the current literature on equilibrium wage determination with matching and provides a bridge between some of the most prominent macro models and microeconometric research. The model incorporates productivity shocks, long-term contracts, on-the-job search and counter-offers. Importantly, the model allows for the possibility of assortative matching between workers and jobs due to complementarities between worker and job characteristics. We use the model to estimate the potential gain from optimal regulation and we consider the potential gains and redistributive impacts from optimal unemployment insurance policy. Here optimal policy is defined as that which maximizes total output and home production, accounting for the various constraints that arise from search frictions. The model is estimated on the NLSY using the method of moment.


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