Econ Papers Daily / 期刊论文
一般均衡中的职业阶梯与财富动态
Job Ladder and Wealth Dynamics in General Equilibrium
摘要
This paper develops a macroeconomic model that combines an incomplete‐markets overlapping‐generations economy with a job ladder featuring sequential wage bargaining, endogenous search effort of employed and non‐employed workers, and differences in match quality. With these ingredients, our model provides a joint microfoundation for the three main inputs in aggregate production: capital, employment, and labor efficiency. The calibrated model offers a good fit to the empirical age profiles of search activity, job‐finding rates, wages, and savings. We use the model to analyze the impact of tax and transfer policies for labor market dynamics and aggregate economic activity via capital, employment, and labor efficiency channels. Lower unemployment benefits and a less progressive tax schedule bring about welfare losses for a newborn worker which are mainly driven by higher consumption risk and costlier search effort; both policies have differential effects along the age, income, and wealth dimensions.
中文摘要
本文构建了一个宏观经济学模型，该模型将不完全市场的世代交叠经济与包含序贯工资谈判、就业与非就业工人内生搜寻努力以及匹配质量差异的工作阶梯相结合。基于这些要素，我们的模型为总生产中的三个主要投入——资本、就业和劳动效率——提供了统一的微观基础。校准后的模型较好地拟合了搜寻活动、工作找到率、工资和储蓄的年龄分布经验特征。我们利用该模型分析税收与转移支付政策通过资本、就业和劳动效率渠道对劳动力市场动态及总体经济活动的影响。降低失业救济金和减少税收累进性会给新生工人带来福利损失，这主要源于更高的消费风险和更昂贵的搜寻努力；这两种政策在年龄、收入和财富维度上具有差异化效应。