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Hiring Standards and Market Clearing

  • Schlicht, Ekkehart

    ()

    (University of Munich)

Consider a labour market with heterogeneous workers. Firms recruit workers by fixing a hiring standard and a wage offer simultaneously. A more demanding hiring standard necessitates a better wage offer in order to attract enough qualified applicants. As a result, an efficiency wage effect is obtained. An equilibrium emerges which does not clear the labour market. The wage level depends on structural characteristics of labour supply, such as heterogeneity and mobility of the workers. The model is contrasted with prevailing efficiency wage theories, and policy implications are also discussed.

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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 481.

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Length: 23 pages
Date of creation: Apr 2002
Date of revision:
Handle: RePEc:iza:izadps:dp481
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  1. Solow, Robert M., 1979. "Another possible source of wage stickiness," Journal of Macroeconomics, Elsevier, vol. 1(1), pages 79-82.
  2. Salop, Steven C, 1979. "A Model of the Natural Rate of Unemployment," American Economic Review, American Economic Association, vol. 69(1), pages 117-25, March.
  3. Schlicht, Ekkehart, 1978. "Labour Turnover, Wage Structure, and Natural Unemployment," Munich Reprints in Economics 1255, University of Munich, Department of Economics.
  4. Stiglitz, Joseph E, 1987. "The Causes and Consequences of the Dependence of Quality on Price," Journal of Economic Literature, American Economic Association, vol. 25(1), pages 1-48, March.
  5. Garcia, Gillian, 1972. "Olech's theorem and the dynamic stability of theories of the rate of interest," Journal of Economic Theory, Elsevier, vol. 4(3), pages 541-544, June.
  6. Stiglitz, Joseph E, 1974. "Alternative Theories of Wage Determination and Unemployment in LDC'S: The Labor Turnover Model," The Quarterly Journal of Economics, MIT Press, vol. 88(2), pages 194-227, May.
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  1. Effektivitetsløn in Wikipedia Danish ne '')
  2. Efficiency wage in Wikipedia English ne '')

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