Embodied Technical Change and the Fluctuations of Unemployment and Wages
A matching model where technological change is partially embodied in the job match is shown to be successful in explaining the variability of unemployment and vacancies. If we incorporate long-term wage contracts into the model, it also explains a number of stylized facts on the dynamics of real wages, which have been found in the empirical labor literature. Copyright The editors of the "Scandinavian Journal of Economics" 2008 .
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Volume (Year): 109 (2008)
Issue (Month): 4 (03)
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