Financial Markets and Wages

• 成果类型: Article
• 署名作者: Michelacci, Claudio; Quadrini, Vincenzo
• 署名单位: Center for Economic & Policy Research (CEPR); University of Southern California; National Bureau of Economic Research
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1111/j.1467-937X.2008.00524.x
• 发表日期: 2009
• 页码: 795-827
• 关键词: implicit contracts; business-cycle; employer size; workers; rise

摘要

We study a labour market equilibrium model in which firms sign optimal long-term contracts with workers. Firms that are financially constrained offer an increasing wage profile: they pay lower wages today in exchange for higher future wages once they become unconstrained. Because constrained firms grow faster, the model predicts a positive correlation between the growth of wages and the growth of the firm. Under some conditions, the model also generates a positive relation between firm size and wages. Using matched employer-employee data from Finland and the National Longitudinal Survey of Youth for the U.S., we show that the key dynamic properties of the model are supported by the data.