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Equilibrium Unemployment with Wage Posting: Burdett-Mortensen Meet Pissarides

In: Panel Data and Structural Labour Market Models

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  • Dale T. Mortensen

Abstract

The wage posting approach to search equilibrium is incorporated into the equilibrium unemployment approach in the paper. The unique equilibrium to the wage posting game analysed is a distribution of wage offers of the same functional form as that originally derived by Burdett and Mortensen (1998). The synthesis is extended by allowing for match specific investment by employers. The outcome is endogenous productivity differences across jobs that are induced by equilibrium wage offer differences. Contrary to the original Burdett-Mortensen solution, the equilibrium wage offers distribution can be unimodal with a long right tail when match-specific investment are included.
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Suggested Citation

  • Dale T. Mortensen, 2000. "Equilibrium Unemployment with Wage Posting: Burdett-Mortensen Meet Pissarides," Contributions to Economic Analysis, in: Panel Data and Structural Labour Market Models, pages 281-292, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:ceazzz:s0573-8555(2000)0000243018
    DOI: 10.1108/S0573-8555(2000)0000243018
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    JEL classification:

    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
    • J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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