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Labor Market Dynamics and Institutions: an Evolutionary Approach

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  • Roberto Gabriele

Abstract

We analyse labor market dynamics with an agent based model, which replicates a set of stylized facts in the labor market as well as aggregate regularities. We are able to reproduce the Beveridge curve, job creation and destruction flows, a persistent unemployment level, and wages stickiness. On the aggregate level, we observe a self-enforcing process of real income growth and average productivity growth. Model simulations allow us study the role of dynamic interactions among agents -individuals and firms- in a changing environment shaped by institutions. The key features are the microfoundations of the processes governing the labor market, such as job search by individuals, and matching and bargaining among firms and potential employees

Suggested Citation

  • Roberto Gabriele, 2002. "Labor Market Dynamics and Institutions: an Evolutionary Approach," LEM Papers Series 2002/07, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    • Handle: RePEc:ssa:lemwps:2002/07
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    Cited by:

    1. He Chen & Jun-ichi Inoue, 2013. "Learning curve for collective behavior of zero-intelligence agents in successive job-hunting processes with a diversity of Jaynes-Shannon's MaxEnt principle," Papers 1309.5053, arXiv.org.
    2. He Chen & Jun-ichi Inoue, 2013. "Statistical Mechanics of Labor Markets," Papers 1309.5156, arXiv.org.
    3. Juan Manuel Larrosa, 2016. "Agentes computacionales y análisis económico," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 18(34), pages 87-113, January-J.
    4. He Chen & Jun-ichi Inoue, 2013. "Dynamics of probabilistic labor markets: statistical physics perspective," Papers 1309.5158, arXiv.org.
    5. André Veski & Kaire Põder, 2018. "Zero-intelligence agents looking for a job," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 13(3), pages 615-640, October.
    6. Zach Lewkovicz & Jean-Daniel Kant, 2008. "A Multiagent Simulation Of A Stylized French Labor Market: Emergences At The Micro Level," Advances in Complex Systems (ACS), World Scientific Publishing Co. Pte. Ltd., vol. 11(02), pages 217-230.

    More about this item

    Keywords

    Unemployment; Beveridge curve; Matching; Technical Change.;
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