parametry searchu.pdf

regressions show that employer size, i.e. the number of employees of the rm or es-

of labor market ows (Mortensen (1986), Blanchard and Diamond (1989)), e.g.

i.e. random from the point of view of the individual employer or employee. The

that are di cult to test directly, as required by e.g. e ciency wage models.

= rate at which jobs terminate

w = wage rate

p = marginal value product of employee

b = value of leisure (which, among other things, depends on unemployment bene ts

m = number (measure) of workers

u = number (measure) of the unemployed

F ( w ) = distribution function of wage o er distribution

G ( w ) = distribution function of earnings distribution

r = reservation wage of unemployed job seekers

The distribution functions F and G have the usual properties: they are right-

continuous. The left-hand limit of F at w is denoted by F ( w ). Initially,we allow

for discontinuities in F , i.e. there maybewages with F ( w ) F ( w ) > 0. This is

i.e. the unemployed and employed individuals, and of the employers. This behavior,

First, we consider the workers. The unemployed obtain wage o ers from F ( w )

at an exogenous rate

wealth of the unemployed. It is characterized by a reservation wage r (Mortensen

1 F ( w )

r = b +(

)

d w

(1 F ( w ))

are equal. The unemployed may accept o ers below b if

shows that wage o ers are implicitly discounted at a rate +

(1 F ( w )), which

gies. The ow from unemployment to employmentis

(1 F ( r )) u , the product

workers. The ow from employment to unemploymentis ( m u ). In a steady state

u =

(1 F ( r ))

bution function G . The wages paid to a cross-section of employees are on average

jobs. Consider the stock of employees with a wage less or equal to w , which has mea-

sure G ( w )( m u ). In the steady-state the ows into and from this stock are equal,

equal to w , and this ow is equal to

( F ( w ) F ( r )) u if w r and is 0 otherwise.

The ow out of this group consists of those who become unemployed, G ( w )( m u )

and those who receive a job o er that exceeds w ,

(1 F ( w )) G ( w )( m u ). In a

steady state the in ow and out ow are equal, and we can express G as a function

of F

F ( w ) F ( r )

G ( w )=

1 F ( r )

(1 F ( w ))

where wehave substituted for u from equation (2.2). This equation holds if w r ,

and G ( w ) = 0 otherwise. Note that if jobs last forever, i.e. = 0, the steady-state

all workers haveawage equal to p . In the sequel we only consider the case that

> 0.

that o ers wage w . There are ( G ( w ) G ( w h ))( m u ) employees that earn a wage

in the interval ( w h; w ] and there are F ( w ) F ( w h ) employers that o er a wage

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