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| Author: | Gautier, P.A. Teulings, C.N. |
| Title: | How large are search frictions? |
| Journal: | Journal of the European Economic Association
2006 : DEC, VOL. 4:6, p. 1193-1225 |
| Index terms: | employment discrimination pay models |
| Language: | eng |
| Abstract: | This paper shows that job and worker characteristics can be normalized so that, without frictions, there exists a linear relationship (here as: r-ship.) btw. wages on the one hand and worker and job type indices on the other. However, for 5 European countries and the United States (U.S.) strong evidence is found for a systematic concave r-ship. An assignment model with search frictions provides a parsimonious explanation for these findings, yielding 2 restrictions on the coefficients fitting the data well. Allowing for unobserved heterogeneity and measurement error, it is found that reservation wages are 25 percent lower than in a frictionless world etc. |
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