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Search-Theoretic Models of the Labor Market-A Survey

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  • Richard Rogerson
  • Robert Shimer
  • Randall Wright

Abstract

We survey search-theoretic models of the labor market and discuss their usefulness for analyzing labor market dynamics, job turnover, and wages. We first examine single-agent models, showing how they can incorporate many interesting features and generate rich predictions. We then consider equilibrium models that endogenize several variables that are treated parametrically in single-agent models, including the arrival rate of job offers and the wage distribution. We survey alternative formulations of these models, emphasizing two key issues: how workers and firms meet, and how wages are determined. We emphasize throughout the implications of alternative assumptions for turnover, wage dispersion, and efficiency.

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  • Richard Rogerson & Robert Shimer & Randall Wright, 2004. "Search-Theoretic Models of the Labor Market-A Survey," NBER Working Papers 10655, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:10655
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    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
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