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Frictional Wage Dispersion in Search Models: A Quantitative Assessment
Abstract
We propose a new measure of frictional wage dispersion: the meanmin wage ratio. For a large class of search models, we show that this measure is independent of the wage-offer distribution but depends on statistics of labor-market turnover and on preferences. Under plausible preference parameterizations, observed magnitudes for worker flows imply that in the basic search model, and in most of its extensions, frictional wage dispersion is very small. Notable exceptions are some of the most recent models of on-the-job search. Our new measure allows us to rationalize the diverse empirical findings in the large literature estimating structural search models. (JEL D81, D83, J31, J41, J64)
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Cites
Technical change, inequality, and the labor market
Acemoglu, D. (2002) · Journal of Economic Literature · doi:10.1257/jel.40.1.7 · Cited by 1,767
Employment Fluctuations with Equilibrium Wage Stickiness
Hall, R. E. (2005) · American Economic Review · doi:10.1257/0002828053828482 · Cited by 1,439
Occupational Mobility and the Business Cycle
Moscarini, G., & Vella, F. (2008) · doi:10.3386/w13819 · Cited by 55
Cited by
Trends in U.S. Wage Inequality: Revising the Revisionists
Autor, D. H., Katz, L. F., & Kearney, M. S. (2008) · Review of Economics and Statistics · doi:10.1162/rest.90.2.300 · Cited by 2,385
Firms and Labor Market Inequality: Evidence and Some Theory
Card, D., Cardoso, A. R., Heining, J., & Kline, P. (2018) · Journal of Labor Economics · doi:10.1086/694153 · Cited by 919
Recessions and the Costs of Job Loss
Davis, S. J., & von Wachter, T. (2011) · Brookings Papers on Economic Activity · doi:10.1353/eca.2011.0016 · Cited by 533
Productivity Shocks, Long-Term Contracts, and Earnings Dynamics
Balke, N., & Lamadon, T. (2022) · American Economic Review · doi:10.1257/aer.20161622 · Cited by 53
Metadata
- Authors
- Hornstein, A., Krusell, P., & Violante, G. L.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2011-12-01
- Volume
- 101
- Issue
- 7
- Pages
- 2873-2898
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3121142557
- Cited by
- 286
- References
- 3
- FWCI
- 56.35
- Type
- journal article
- Language
- en
- Open access
- closed
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- Hornstein, A., Krusell, P., & Violante, G. L. (2011). Frictional Wage Dispersion in Search Models: A Quantitative Assessment. American Economic Review. https://doi.org/10.1257/aer.101.7.2873
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