セミナーシリーズ
マクロ経済学セミナー（2024.3.28）（京都大学経済研究所マクロ経済学・経済システム研究会と共催）
寺本 和弘（一橋大学 経済学研究科）
- 開催日：
- 2024年3月28日（木）16:00～17:30
- 場所：
- 京都大学経済研究所 北館1階N101/102教室
- 言語：
- 日本語
- コーディネーター：
- 遊喜 一洋
タイトル：
“Unequal Wage Cyclicality: Evidence, Theory, and Implications for Labor Market Volatility”
Abstract: During expansions, wage increases disproportionately bene t higher-paid workers, while the wages of middle- and lower-paid workers stagnate. This study provides evidence of the unequal wage cyclicality and develops a search-and-matching model to explain why lower-wage jobs exhibit weaker wage cyclicality. It features job-ladder and vacancy-chain e ects resulting from on-the-job search and replacement hiring. As expansion leads to increased opportunities to replace poorly-matched employees with better-matched candidates, the value of employers’ outside option increases, which in turn suppresses wage increases. These features increase cyclical uctuations in labor market ows. The calibrated model explains three-fourths of the observed unemployment volatility.