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Monopsony and the efficiency of labour market interventions

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  • Manning, Alan

Abstract

Implicit in many discussions of labour market policy is the assumption that, in the absence of interventions, the operation of the labour market is well-approximated by the perfectly competitive model. The merits or demerits of particular policies is then seen as a trade-off between efficiency and equality. This paper analyses the impact of a variety of policies û the minimum wage, trade unions, unemployment insurance, progressive income taxation and restrictions on labour contracts û on efficiency when labour markets in the absence of intervention are monopsonistic and not perfectly competitive. A simple version of the Burdett and Mortensen (1998) model is used for this purpose.

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Bibliographic Info

Article provided by Elsevier in its journal Labour Economics.

Volume (Year): 11 (2004)
Issue (Month): 2 (April)
Pages: 145-163

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Handle: RePEc:eee:labeco:v:11:y:2004:i:2:p:145-163

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Web page: http://www.elsevier.com/locate/labeco

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References

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  1. Editors : & David Marsden & Hugh Stephenson, 2001. "Labour Law and Social Insurance in the New Economy: A Debate on the Supiot Report," CEP Discussion Papers dp0500, Centre for Economic Performance, LSE.
  2. Stephen Nickell & Luca Nunziata & Wolfgang Ochel & Glenda Quintini, 2001. "The Beveridge Curve, Unemployment and Wages in the OECD from the 1960s to the 1990s - Preliminary Version," CEP Discussion Papers dp0502, Centre for Economic Performance, LSE.
  3. Stephen Nickell & Glenda Quintini, 2003. "Nominal wage rigidity and the rate of inflation," Economic Journal, Royal Economic Society, vol. 113(490), pages 762-781, October.
  4. Christopher A. Pissarides & Barbara Petrongolo, 2001. "Looking into the Black Box: A Survey of the Matching Function," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 390-431, June.
  5. Burdett, Kenneth & Mortensen, Dale T, 1998. "Wage Differentials, Employer Size, and Unemployment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(2), pages 257-73, May.
  6. Manning, Alan, 2003. "The real thin theory: monopsony in modern labour markets," Labour Economics, Elsevier, vol. 10(2), pages 105-131, April.
  7. Hosios, Arthur J, 1990. "On the Efficiency of Matching and Related Models of Search and Unemployment," Review of Economic Studies, Wiley Blackwell, vol. 57(2), pages 279-98, April.
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Citations

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Cited by:
  1. Galenianos, Manolis & Kircher, Philipp & Virag, Gabor, 2009. "Market Power and Efficiency in a Search Model," MPRA Paper 17093, University Library of Munich, Germany.
  2. Etienne Lehmann & Bruno Van Der Linden, 2007. "On the Optimality of Search Matching Equilibrium When Workers Are Risk Averse," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 9(5), pages 867-884, October.
  3. Bruno, VAN DER LINDEN, 2003. "Unemployment insurance and training in an equilibrium matching model with heterogeneous agents," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2003001, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  4. Mathias, HUNGERBUEHLER, 2004. "Tax Progression in Imperfect Labour Markets : A Survey," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2004032, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  5. Pinoli, Sara, 2008. "Rational Expectations and the Puzzling No-Effect of the Minimum Wage," MPRA Paper 11405, University Library of Munich, Germany.
  6. Fabián Slonimczyk & Peter Skott, 2012. "Employment and Distribution Effects of the Minimum Wage," UMASS Amherst Economics Working Papers 2012-05, University of Massachusetts Amherst, Department of Economics.
  7. Gerda Dewit & Dermot Leahy, 2009. "Oligopsonistic Cats and Dogs," Review of Industrial Organization, Springer, vol. 35(3), pages 257-274, November.
  8. Badi H. Baltagi & Uwe Blien & Katja Wolf, 2010. "A Dynamic Spatial Panel Data Approach to the German Wave Curve," Center for Policy Research Working Papers 126, Center for Policy Research, Maxwell School, Syracuse University.
  9. Chéron, Arnaud & Hairault, Jean-Olivier & Langot, François, 2004. "Labor Market Institutions and the Employment-Productivity Trade-Off: A Wage Posting Approach," IZA Discussion Papers 1364, Institute for the Study of Labor (IZA).

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