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Structural models of the wage curve estimated by panel data and cross-section regressions

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  • Gerba, Eddie
  • Pikoulakis, Emmanuel V.
  • Wisniewski, Tomasz Piotr

Abstract

Introducing equilibrium unemployment to the solution of the intertemporal allocation of non-leisure time, we derive two wage-setting models which we estimate by panel data and cross-section regressions applied on aggregative data. The results support the empirical relation known as the wage-curve, thus enriching and strengthening the microfoundations of that relation.

Suggested Citation

  • Gerba, Eddie & Pikoulakis, Emmanuel V. & Wisniewski, Tomasz Piotr, 2014. "Structural models of the wage curve estimated by panel data and cross-section regressions," LSE Research Online Documents on Economics 56395, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:56395
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    File URL: http://eprints.lse.ac.uk/56395/
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    References listed on IDEAS

    as
    1. Barro, Robert J & Lee, Jong-Wha, 2001. "International Data on Educational Attainment: Updates and Implications," Oxford Economic Papers, Oxford University Press, vol. 53(3), pages 541-563, July.
    2. David G. Blanchflower & Andrew J. Oswald, 2005. "The Wage Curve Reloaded," NBER Working Papers 11338, National Bureau of Economic Research, Inc.
    3. Todd Schoellman, 2012. "Education Quality and Development Accounting," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 79(1), pages 388-417.
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    More about this item

    Keywords

    wage curve; intertemporal allocation; two-sector model;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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