Wage Profiles: Shape and Variations
This paper shows that wage profiles become similar to expenditure profiles and exhibit similar variations if the firm plays the roles of financial institutions and/or government when the latter institutions do not function perfectly for workers. Wage profiles slope upwards because of intergenerational transfers among the firm's workers reflecting their preferences over life-cycle consumption. Variations arise when there are generational differences in consumption because of the firm's absorption of risk concerning the price of consumption goods or because of intergenerational risk-sharing. The shape of the wage profile is affected by how well other institutions function. Copyright 1997 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Volume (Year): 65 (1997)
Issue (Month): 3 (June)
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