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Balanced Matching and Labor Market Equilibrium

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Author Info
Burdett, Kenneth
Vishwanath, Tara

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Abstract

The authors analyze equilibrium in a labor market wherein it takes time for the workers to contact forms. Workers, assumed identical, repeatedly sell their labor services all through their work lives, choosing their search intensity endogenously. Identical firms attempt to maximize their steady-state profit flow. The authors focus on the importance and consequences of balanced matching, in which workers are more likely to contact a larger firm. A unique equilibrium is shown to exist wherein all firms offer the same wage and select an employment level at which wage equals marginal product. The effect of traditional labor market policies and empirical implications are discussed. Copyright 1988 by University of Chicago Press.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 96 (1988)
Issue (Month): 5 (October)
Pages: 1048-65
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Handle: RePEc:ucp:jpolec:v:96:y:1988:i:5:p:1048-65

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  1. Erling Barth & Harald Dale-Olsen, 2005. "Employer Size or Skill-Group Size Effect on Wages?," IZA Discussion Papers 1888, Institute for the Study of Labor (IZA). [Downloadable!]
  2. Jean-Marc Robin & Sébastien Roux, 2002. "An Equilibrium Model of the Labor Market with Endogenous Capital and Two-Sided Search," Annales d'Economie et de Statistique, ADRES, issue 67-68, pages 10, Juillet-D. [Downloadable!]
  3. Erzo G.J. Luttmer, 2007. "New goods and the size distribution of firms," Working Papers 649, Federal Reserve Bank of Minneapolis. [Downloadable!]
  4. Gérard Van Den Berg & Aïco Van Vuuren, 2002. "Using Firm Data to Assess the Performance of Equilibrium Search Models of the Labor Market," Annales d'Economie et de Statistique, ADRES, issue 67-68, pages 09, Juillet-D. [Downloadable!]
    Other versions:
  5. Postel-Vinay, Fabien & Robin, Jean-Marc, 2002. "Equilibrium Wage Dispersion with Worker and Employer Heterogeneity," CEPR Discussion Papers 3548, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  6. Gerard J. van den Berg & Aico van Vuuren, 2006. "The Effect of Search Frictions on Wages," Tinbergen Institute Discussion Papers 06-077/3, Tinbergen Institute. [Downloadable!]
    Other versions:
  7. Erzo G.J. Luttmer, 2006. "Consumer search and firm growth," Working Papers 645, Federal Reserve Bank of Minneapolis. [Downloadable!]
  8. Subal Kumbhakar & Christopher Parmeter, 2009. "The effects of match uncertainty and bargaining on labor market outcomes: evidence from firm and worker specific estimates," Journal of Productivity Analysis, Springer, vol. 31(1), pages 1-14, February. [Downloadable!] (restricted)
  9. J. Ignacio Garcia-Perez, 2002. "Equilibrium search models: the role of the assumptions," Investigaciones Economicas, Fundación SEPI, vol. 26(2), pages 255-284, May. [Downloadable!]
    Other versions:
  10. Claudio Michelacci & Vincenzo Quadrini, 2005. "Financial Markets and Wages," NBER Working Papers 11050, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  11. Postel Vinay Fabien & Robin Jean Marc, 2000. "Wage Dispersion with Heterogeneous Firm Technologies and Worker Abilities: An Equilibrium Job Search Model for Matched Employer-Employee Data," Research Unit Working Papers 0008, Laboratoire d'Economie Appliquee, INRA. [Downloadable!]
  12. Peter Kuhn, 2004. "Is monopsony the right way to model labor markets? a review of Alan Manning's monopsony in motion," International Journal of the Economics of Business, Taylor and Francis Journals, vol. 11(3), pages 369-378, November. [Downloadable!] (restricted)
  13. Garloff, Alfred, 2003. "Lohndispersion und Arbeitslosigkeit: Neuere Ansätze in der Suchtheorie," ZEW Discussion Papers 03-60, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  14. Dale T. Mortensen & Tara Vishwanath, 1991. "Information Sources and Equilibrium Wage Outcomes," Discussion Papers 948, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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