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Unemployment, the Market for Interviews, and Wage Employment

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  • Sattinger, Michael

Abstract

A model of equilibrium unemployment and vacancies is presented in which the absence of a market for interviews can yield externalities and inefficiency. Inefficiency results in market forces that lead firms to charge fees for interviews or to change the wage rate. These market forces require substantial information and may not operate. A graphical analysis shows how such forces would cause wages to adjust to shifts in supply, taxes, and transfers between workers and firms. With excessive unemployment, efficiency requires a transfer of income from workers to firms. Copyright 1990 by University of Chicago Press.

Suggested Citation

  • Sattinger, Michael, 1990. "Unemployment, the Market for Interviews, and Wage Employment," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 356-371, April.
    • Handle: RePEc:ucp:jpolec:v:98:y:1990:i:2:p:356-71
    DOI: 10.1086/261681
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    Cited by:

    1. Michael Sattinger, 2003. "Price Dynamics and the Market for Access to Trading Partners," Discussion Papers 03-10, University at Albany, SUNY, Department of Economics.
    2. Daron Acemoglu & Robert Shimer, 1999. "Efficient Unemployment Insurance," Journal of Political Economy, University of Chicago Press, vol. 107(5), pages 893-928, October.
    3. Anthony E. Smith & Yves Zenou, 2003. "A Discrete-Time Stochastic Model of Job Matching," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(1), pages 54-79, January.
    4. Kevin Lang & William T. Dickens, 1993. "Bilateral Search as an Explanation for Labor Market Segmentation and Other Anomalies," NBER Working Papers 4461, National Bureau of Economic Research, Inc.
    5. Wang, Ruqu, 1997. "Competition, Wage Commitments, and Application Fees," Journal of Labor Economics, University of Chicago Press, vol. 15(1), pages 124-142, January.
    6. Harry J. Holzer, 1990. "Job Vacancy Rates in the Firm: An Empirical Analysis," NBER Working Papers 3524, National Bureau of Economic Research, Inc.

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