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How sticky wages in existing jobs can affect hiring

Author: Mark Bils; Yongsung Chang; Sun-Bin Kim; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2014.
Series: Working paper series (National Bureau of Economic Research), no. 19821.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
We consider a matching model of employment with wages that are flexible for new hires, but sticky within matches. We depart from standard treatments of sticky wages by allowing effort to respond to the wage being too high or low. Shimer (2004) and others have illustrated that employment in the Mortensen-Pissarides model does not depend on the degree of wage flexibility in existing matches. But this is not true in  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Mark Bils; Yongsung Chang; Sun-Bin Kim; National Bureau of Economic Research.
OCLC Number: 869209671
Notes: Title from http://www.nber.org/papers/19821 viewed January 24, 2014.
"January 2014."
Description: 1 online resource (24, [24] pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 19821.
Responsibility: Mark Bils, Yongsung Chang, Sun-Bin Kim.

Abstract:

We consider a matching model of employment with wages that are flexible for new hires, but sticky within matches. We depart from standard treatments of sticky wages by allowing effort to respond to the wage being too high or low. Shimer (2004) and others have illustrated that employment in the Mortensen-Pissarides model does not depend on the degree of wage flexibility in existing matches. But this is not true in our model. If wages of matched workers are stuck too high in a recession, then firms will require more effort, lowering the value of additional labor and reducing new hiring.

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