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The Ratchet Effect, the Market for Senior Workers, and Intertemporal Commitment

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  • Yoshitsugu Kanemoto
  • W. Bentley MacLeod

Abstract

This paper studies the effect that a labour market for older workers will have on the ratchet effect. Even though we assume that the information on worker type that a firm obtains will not be transmitted to the other firms, the presence of the ex post labour market eliminates the ratchet effect. We also compare the cases with and without the market for senior workers, with yields useful insights on differences between labour markets in the U.S. and Japan.

Suggested Citation

  • Yoshitsugu Kanemoto & W. Bentley MacLeod, 1987. "The Ratchet Effect, the Market for Senior Workers, and Intertemporal Commitment," Working Paper 703, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:703
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