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CATEGORIES:Seminar,Class/ Workshop
DESCRIPTION:Rasmus Lentz\, University of Wisconsin-Madison\n\nLabor Market 
 Friction\, Firm Heterogeneity\, and Aggregate Employment and Productivity*\
 n(joint w/ Dale T. Mortensen)\n\nAbstract: The paper is based on a synthesi
 s of a “product variety” version of the firm life cycle model developed by 
 Klette and Kortum (2004) and an equilibrium search model of the labor marke
 t with job to job flows introduced by Mortensen (2003). In the construction
 \, a final consumption good is produced from continuum of intermediate prod
 uct and service varieties that are them- selves products of an aggregation 
 of heterogenous labor inputs. Intermediate goods producers generally differ
  with respect to their productivity. New firms enter and continuing firms g
 row by developing new product varieties. The time required to match workers
  and jobs in the model depends on the total number of vacancies and possibl
 y on the fraction of employed to unem- ployed worker. Workers receive job o
 ffers both while employed and unemployed. Wages are set through bargaining 
 over marginal match surplus where the worker’s bargaining position may impr
 ove with the arrival of outside job opportunities as in Dey and Flinn (2005
 ) and Cahuc et al. (2006). A job separation occurs if either a worker quits
  or a job is destroyed. We show that a general equilibrium solution to the 
 model exists and that the equilibrium is broadly con- sistent with observed
  dispersion in firm productivity\, wages\, and the relationship between the
 m as well as patterns of worker flows. The model implies that frictions\, b
 oth in the labor market and in the firm growth process\, can be important d
 eterminants of aggregate productivity as well as aggregate employment. The 
 model delivers a wage dispersion decomposition into worker and firm side co
 ntributions as well as frictional dispersion that can itself be decomposed 
 into bargaining position dispersion and idiosyncratic dispersion due to fri
 ctional labor force fluctu- ations. The model furthermore displays rich sor
 ting patterns both between worker and firm types as well as between worker 
 and coworker types. Inference is drawn from Danish matched employer-employe
 e data.
DTEND:20211115T174500Z
DTSTAMP:20260422T181715Z
DTSTART:20211115T161500Z
GEO:42.447319;-76.480995
LOCATION:Ives Hall\, 116 
SEQUENCE:0
SUMMARY:Labor Economics Workshop: Rasmus Lentz
UID:tag:localist.com\,2008:EventInstance_38137326866902
URL:https://events.cornell.edu/event/labor_economics_workshop_rasmus_lentz
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