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Alternative models of wage dispersion

Author: Damien Gaumont; Martin Schindler; Randall Wright; International Monetary Fund. Research Department,
Publisher: [Washington, D.C.] : International Monetary Fund, Research Dept., ©2005.
Series: IMF working paper, WP/05/64.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We analyze labor market models where the law of one price does not hold-that is, models with equilibrium wage dispersion. We begin by assuming workers are ex ante heterogeneous, and highlight a flaw with this approach: if search is costly, the market shuts down. We then assume workers are homogeneous, but matches are ex post heterogeneous. This model is robust to search costs, and it delivers equilibrium wage  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Gaumont, Damien.
Alternative models of wage dispersion.
[Washington, D.C.] : International Monetary Fund, Research Dept., ©2005
(OCoLC)58792080
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Damien Gaumont; Martin Schindler; Randall Wright; International Monetary Fund. Research Department,
ISBN: 9781451906196 1451906196
OCLC Number: 647011591
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (25 pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: IMF working paper, WP/05/64.
Responsibility: prepared by Damien Gaumont, Martin Schindler and Randall Wright.

Abstract:

We analyze labor market models where the law of one price does not hold-that is, models with equilibrium wage dispersion. We begin by assuming workers are ex ante heterogeneous, and highlight a flaw with this approach: if search is costly, the market shuts down. We then assume workers are homogeneous, but matches are ex post heterogeneous. This model is robust to search costs, and it delivers equilibrium wage dispersion. However, we prove the law of two prices holds: generically, we cannot get more than two wages. We explore several other models, including one combining ex ante and ex post heterogeneity, which is robust and can deliver more than two-point wage distributions.

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