标题：LABOR MARKET DYNAMICS WITH SEARCH FRICTIONS AND FAIR WAGE CONSIDERATIONS
作者：Kuang, Pei; Wang, Tong
作者机构：[Kuang, Pei] Univ Birmingham, Dept Econ, Birmingham B15 2TT, W Midlands, England.; [Wang, Tong] Shandong Univ, Sch Econ, Shandong 250100, Peoples R 更多
通讯作者：Kuang, P;Wang, T
通讯作者地址：[Kuang, P]Univ Birmingham, Dept Econ, Birmingham B15 2TT, W Midlands, England;[Wang, T]Shandong Univ, Sch Econ, Shandong 250100, Peoples R China.
摘要：Fairness considerations in wage setting can improve the ability of the Diamond-Mortensen-Pissarides search and matching model to account for U.S. labor market dynamics. Firms' production is influenced by workers' effort input, which depends on whether workers consider the employment relation as fair. A typical worker's effort is determined in a comparison of individual current wage with wage norms, including the outside option, the individual past wage, and the wage level in the steady state. The fairness considerations in the search framework give rise to endogenous real wage rigidity, and realistic volatilities of unemployment, vacancies, and labor market tightness. (JEL E24, E32, J64)