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Models of Wages and Mobility in Frictional Labor Markets with Random Search

Author

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  • Rasmus Lentz

Abstract

I survey frictional labor market models of equilibrium wage determination and mobility. Search is random. Competition between firms is in terms of value promises to workers. The exact nature of the competition dictates the distribution of value promises in the economy. Worker mobility and allocation to jobs are often understood directly from this part of the model. The survey details how employment contract design restrictions map contract values into wages. JEL Codes: D4, D6, E24, J31, J41, J63, J64.

Suggested Citation

  • Rasmus Lentz, 2024. "Models of Wages and Mobility in Frictional Labor Markets with Random Search," Revue économique, Presses de Sciences-Po, vol. 75(1), pages 113-145.
    • Handle: RePEc:cai:recosp:reco_751_0113
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    More about this item

    Keywords

    wage determination; employment and job mobility; labor market friction; employment contracts;
    All these keywords.

    JEL classification:

    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • D6 - Microeconomics - - Welfare Economics
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts
    • J63 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Turnover; Vacancies; Layoffs
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search

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