دانلود مقاله ISI انگلیسی شماره 87039
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
87039 2017 11 صفحه PDF سفارش دهید 9972 کلمه
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عنوان انگلیسی
Wealth inequality and employment fluctuations
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Economic Modelling, Volume 67, December 2017, Pages 125-135

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چکیده انگلیسی

This paper is concerned with the business cycle dynamics in search and matching models of the labor market when agents are ex-post heterogeneous. We focus on heterogeneity caused by different labor market histories and the resulting wealth inequality they generate. We show that this inequality implies wage rigidity relative to a complete insurance economy. The fraction of wealth poor agents prevents real wages from falling too much in recessions, since small decreases in income imply large losses in utility. Analogously, wages rise less during expansions than in models with homogeneous workers as small increases are enough for poor workers to accept job offers. This mechanism reduces the volatility of wages but generates more volatile employment levels.

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