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Individual wealth, reservation wages and transitions into employment

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Author Info
Bloemen, H.G.
Stancanelli, E.G.F. (Tilburg University, Center for Economic Research)

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Abstract

In this paper, we investigate the relationship between financial wealth, reservation wages and labour market transitions. According to the theory, higher levels of wealth will result in higher reservation wages and lower employment probabilities. We test for the validity of this assumption by estimating a simultaneous equations model of reservation wages, labour market transitions and wealth. The data used for the analysis relate to a sample of unemployed job searchers drawn from the Dutch Socio-Economic Panel. Wealth is found to have a significantly positive impact on the reser-vation wage. The overall impact of wealth on the employment probability is negative though small.

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2.

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Date of creation: 1997
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Handle: RePEc:dgr:kubcen:19972

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Find related papers by JEL classification:
J64 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Unemployment: Models, Duration, Incidence, and Job Search
E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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  1. Bloemen, H., 1995. "The Relation Between Wealth and Labour Market Transitions: An Empirical Study for the Netherlands," Papers 9599, Tilburg - Center for Economic Research.
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  2. Lippman, Steven A & McCall, John J, 1976. "The Economics of Job Search: A Survey," Economic Inquiry, Oxford University Press, vol. 14(3), pages 347-68, September.
  3. Blanchard, Olivier Jean & Diamond, Peter A, 1994. "Ranking, Unemployment Duration, and Wages," Review of Economic Studies, Blackwell Publishing, vol. 61(3), pages 417-34, July. [Downloadable!] (restricted)
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  4. Blau, David M & Robins, Philip K, 1990. "Job Search Outcomes for the Employed and Unemployed," Journal of Political Economy, University of Chicago Press, vol. 98(3), pages 637-55, June. [Downloadable!] (restricted)
  5. Atkinson, Anthony B & Micklewright, John, 1991. "Unemployment Compensation and Labor Market Transitions: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 29(4), pages 1679-1727, December. [Downloadable!] (restricted)
  6. Lippman, Steven A & McCall, John J, 1976. "The Economics of Job Search: A Survey: Part I," Economic Inquiry, Oxford University Press, vol. 14(2), pages 155-89, June.
  7. Richard Blundell & Thierry Magnac & Costas Meghir, 1996. "Savings and labour market transitions," IFS Working Papers W96/05, Institute for Fiscal Studies.
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  8. Stancanelli, E.G.F., 1994. "The unemployed's financial resources and the probality of re-employment," Serie Research Memoranda 0047, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics. [Downloadable!]
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