Code for: Firm Wages in a Frictional Labor Market
收藏ICPSR2022-01-01 更新2026-04-16 收录
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资源简介：
This paper studies wage setting in a directed search model of multi-worker firms facing within-firm equity constraints on wages. The constraints reduce wages, as firms exploit their monopsony power over their existing workers, rendering wages less responsive to productivity in doing so. They also give rise to a time-inconsistency in the dynamic firm problem, as firms face a less elastic labor supply in the short run than the long run, making commitment to future wages valuable. Constrained firms find it profitable to fix wages, and doing so is good for worker welfare and resource allocation in equilibrium.<br><br>
提供机构：
Federal Reserve Bank of Philadelphia
创建时间：
2022-01-01
