Wage Dispersion and Search Behavior: The Importance of Nonwage Job Values

• 成果类型: Article
• 署名作者: Hall, Robert E.; Mueller, Andreas I.
• 署名单位: Stanford University; National Bureau of Economic Research; National Bureau of Economic Research; Columbia University; IZA Institute Labor Economics
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/697739
• 发表日期: 2018
• 页码: 1594-1637
• 关键词: labor-market; unemployment; cyclicality; EMPLOYMENT; models; cost; US

摘要

We use a rich new body of data on the experiences of unemployed job seekers to determine the sources of wage dispersion and to create a search model consistent with the acceptance decisions the job seekers made. We identify the distributions of four key variables: offered wages, offered nonwage job values, job seekers' nonwork alternatives, and job seekers' personal productivities. We find that, conditional on personal productivity, the standard deviation of offered log wages is moderate, at 0.24, whereas the dispersion of the offered nonwage component is substantially larger, at 0.34. The resulting dispersion of offered job values is 0.38.