Search-Theoretic Models of the Labor Market-A Survey / Richard Rogerson, Robert Shimer, Randall Wright.

Format:

Book

Author/Creator:

Rogerson, Richard.

Contributor:

National Bureau of Economic Research.

Shimer, Robert.

Wright, Randall.

Series:

Working Paper Series (National Bureau of Economic Research) no. w10655.

NBER working paper series no. w10655

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2004.

Summary:

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.

Notes:

Print version record

July 2004.