作者：Michelacci, Claudio; Quadrini, Vincenzo
作者单位：Center for Economic & Policy Research (CEPR); University of Southern California; National Bureau of Economic Research
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 an...
