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Are US Wages Really Determined by European Labor-Market Institutions?

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  • Meckl, Jürgen

    ()
    (Justus Liebig University, Giessen)

Abstract

This paper integrates institutionally determined wage rigidities into an otherwise standard Heckscher-Ohlin model of international trade. It accounts for differences in individual productivities and their implications for individual wage incomes and demand for education. Although preserving the factor-price-equalization property of the global equilibrium approach, the model does not support the view expressed by Davis (1998) that global equilibrium links insulate the US labor market from exogenous shocks. It provides a foundation of the derived from comparative studies that do not consistently account for the global general equilibrium links.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 1817.

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Length: 16 pages
Date of creation: Oct 2005
Date of revision:
Publication status: published in: American Economic Review, 2006, 96 (5), 1924-1930
Handle: RePEc:iza:izadps:dp1817

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Keywords: skill-specific unemployment; wage rigidities; international trade; education;

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  1. John M. Abowd & Richard B. Freeman, 1991. "Immigration, Trade and the Labor Market," NBER Books, National Bureau of Economic Research, Inc, National Bureau of Economic Research, Inc, number abow91-1.
  2. Donald R. Davis & Trevor A. Reeve, 1997. "Human Capital, Unemployment, and Relative Wages in a Global Economy," NBER Working Papers, National Bureau of Economic Research, Inc 6133, National Bureau of Economic Research, Inc.
  3. George J. Borjas & Richard B. Friedman & Lawrence F. Katz, 1997. "How Much Do Immigration and Trade Affect Labor Market Outcomes?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, Economic Studies Program, The Brookings Institution, vol. 28(1), pages 1-90.
  4. Davis, Donald R, 1998. "Does European Unemployment Prop Up American Wages? National Labor Markets and Global Trade," American Economic Review, American Economic Association, American Economic Association, vol. 88(3), pages 478-94, June.
  5. Neary, J Peter, 1985. "International Factor Mobility, Minimum Wage Rates, and Factor-Price Equalization: A Synthesis," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 100(3), pages 551-70, August.
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