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Structural Models of the Wage Curve Estimated by Panel Data and Cross-Section Regressions

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  • Gerba, Eddie
  • Pikoulakis, Emmanuel
  • Wisniewski, Tomasz Piotr

Abstract

Introducing equilibrium unemployment to the solution of the intertemporal allocation of non-leisure time, we derive two wage-setting models which we estimate by panel data and cross-section regressions applied on aggregative data. The results support the empirical relation known as the wage-curve, thus enriching and strengthening the microfoundations of that relation.

Suggested Citation

  • Gerba, Eddie & Pikoulakis, Emmanuel & Wisniewski, Tomasz Piotr, 2014. "Structural Models of the Wage Curve Estimated by Panel Data and Cross-Section Regressions," MPRA Paper 53975, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:53975
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    References listed on IDEAS

    as
    1. Greenwood, Jeremy & Hercowitz, Zvi, 1991. "The Allocation of Capital and Time over the Business Cycle," Journal of Political Economy, University of Chicago Press, vol. 99(6), pages 1188-1214, December.
    2. Blanchflower, David G. & Oswald, Andrew J., 2005. "The Wage Curve Reloaded," IZA Discussion Papers 1665, Institute of Labor Economics (IZA).
    3. Todd Schoellman, 2012. "Education Quality and Development Accounting," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 79(1), pages 388-417.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Wage Curve; Intertemporal Allocation; Two-Sector Model;
    All these keywords.

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor
    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

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