Stochastic Search Equilibrium

We study equilibrium wage and employment dynamics in a class of popular search models with wage posting, in the presence of aggregate productivity shocks. Firms offer and commit to (Markov) contracts, which specify a wage contingent on all payoff-relevant states, but must pay equally all of their wo...

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Veröffentlicht in:	The Review of economic studies 2013-10, Vol.80 (4 (285)), p.1545-1581
Hauptverfasser:	MOSCARINI, GIUSEPPE, POSTEL-VINAY, FABIEN
Format:	Artikel
Sprache:	eng
Schlagworte:	Business structures Dynamics Economic fluctuations Economic models Economic value Economics and Finance Employment Equilibrium Hiring Humanities and Social Sciences Job hunting Markov analysis Pay-off Productivity Stochastic models Stochastic processes Studies Unemployment Wages Wages & salaries
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