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Wages, unemployment and inequality with heterogeneous firms and workers

Author: Elhanan Helpman; Oleg Itskhoki; Stephen Redding; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2008.
Series: Working paper series (National Bureau of Economic Research), no. 14122.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
In this paper we develop a multi-sector general equilibrium model of firm heterogeneity, worker heterogeneity and labor market frictions. We characterize the distributions of employment, unemployment, wages and income within and between sectors as a function of structural parameters. We find that greater firm heterogeneity increases unemployment, wage inequality and income inequality, whereas greater worker  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Elhanan Helpman; Oleg Itskhoki; Stephen Redding; National Bureau of Economic Research.
OCLC Number: 232957995
Description: 1 online resource (1 volume).
Series Title: Working paper series (National Bureau of Economic Research), no. 14122.
Responsibility: Elhanan Helpman, Oleg Itskhoki, Stephen Redding.

Abstract:

In this paper we develop a multi-sector general equilibrium model of firm heterogeneity, worker heterogeneity and labor market frictions. We characterize the distributions of employment, unemployment, wages and income within and between sectors as a function of structural parameters. We find that greater firm heterogeneity increases unemployment, wage inequality and income inequality, whereas greater worker heterogeneity has ambiguous effects. We also find that labor market frictions have non-monotonic effects on aggregate unemployment and inequality through within- and between-sector components. Finally, high-ability workers have the lowest unemployment rates but the greatest wage inequality, and income inequality is lowest for intermediate ability. Although these results are interesting in their own right, the main contribution of the paper is in providing a framework for analyzing these types of issues.

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