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Minimum Wage And Severance Payments In A Frictional Labor Market: Theory And Estimation

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  • Silva, Carolina

Abstract

Wage dispersion is a critical factor in determining the impact of a minimum wage and severance payments on job creation and destruction in a general equilibrium model with search frictions. When wage dispersion is low, the minimum wage and severance payments behave as substitutes. However, as dispersion in wages increases, these policies become complements. The model is estimated using data from Chile and used to perform quantitative welfare analysis.

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  • Silva, Carolina, 2017. "Minimum Wage And Severance Payments In A Frictional Labor Market: Theory And Estimation," Macroeconomic Dynamics, Cambridge University Press, vol. 21(7), pages 1561-1600, October.
    • Handle: RePEc:cup:macdyn:v:21:y:2017:i:07:p:1561-1600_00
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    Cited by:

    1. Lucas Navarro & Mauricio Tejada, 2022. "Does Public Sector Employment Buffer the Minimum Wage Effects?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 43, pages 168-196, January.

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