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We build a directed search model of the labor market in which workers' transitions between
unemployment, employment, and across employers are endogenous. We prove the
existence, uniqueness and efficiency of a recursive equilibrium with the property that the ...
G Menzio - Manuscript. Univ. Pennsylvania, 2005 - web-facstaff.sas.upenn.edu
Abstract In the context of a frictional model of the labor market with off and on the job search,
I advance a novel model of wage determination where contracts are non# binding and firms
have private information about the productivity of labor. The characterization of the intra# ...
A Berentsen,
G Menzio… - 2008 - nber.org
We study the long-run relation between money, measured by inflation or interest rates, and
unemployment. We first discuss data, documenting a strong positive relation between the
variables at low frequencies. We then develop a framework where both money and ...
G Menzio… - Journal of Economic Theory, 2010 - Elsevier
We develop a general stochastic model of directed search on the job. Directed search
allows us to focus on a Block Recursive Equilibrium (BRE) where agents' value functions,
policy functions and market tightness do not depend on the distribution of workers over ...
G Menzio… - Journal of Monetary Economics, 2010 - Elsevier
Consider a labor market in which firms want to insure existing employees against income
fluctuations and, simultaneously, want to recruit new employees to fill vacant jobs. Firms can
commit to a wage policy, ie a policy that specifies the wage paid to their employees as a ...
G Menzio, S Shi… - manuscript, University of Toronto, 2009 - papers.ssrn.com
Abstract: Dispersion of money balances among individuals is the basis for a range of
policies but it has been abstracted from in monetary theory for tractability reasons. In this
paper, we fill in this gap by constructing a tractable search model of money with a non- ...
G Menzio… - American Economic Review, 2010 - repec.economics.utoronto.ca
In models of search on the job (eg Kenneth Burdett and Dale Mortensen 1998, Burdett and
Melvyn Coles 2003, Alain Delacroix and Shouyong Shi 2006), employed and unemployed
workers search the labor market for job openings. Workers who are unemployed are ...
G Menzio… - University of Pennsylvania, 2006 - iza.org
Abstract We consider a model economy populated by risk" neutral firms with multiple jobs
and risk" averse workers. Following the implicit contract literature, we assume that workers
have limited access to the intertemporal trade markets. Following the directed search ...
G Menzio… - Working Papers, 2008 - econ.yale.edu
Abstract In this paper, we develop a tractable model of the labor market where workers
search for jobs both while unemployed and while on the job. Search is directed in the sense
that each worker chooses to search for the offer that provides the optimal tradeoff between ...
G Menzio - University of Pennsylvania, 2007 - nber.org
Abstract In this paper, I build a model marketplace populated by a finite number of sellers–
each producing its own variety of the good–and a continuum of buyers–each searching for a
variety he likes. Using the model, I study the response of a seller's price to privately ...
A Head, L Liu,
G Menzio… - 2010 - papers.ssrn.com
Abstract: Why do some sellers set prices in nominal terms that do not respond to changes in
the aggregate price level? In many models, prices are sticky by assumption. Here it is a
result. We use search theory, with two consequences: prices are set in dollars since ...
A Berentsen… - 2007 - qa.chicagofed.org
Abstract Inflation and unemployment are central issues in macroeconomics. While progress
has been made on these issues recently using models that explicitly incorporate search-type
frictions, existing models analyze either unemployment or inflation in isolation. We ...
[CITATION] A Tractable Model of Search on the Job and Aggregate Fluctuations
G Menzio… - Manuscript, Univ. Pennsylvania, 2008
Abstract We augment a life-cycle model of consumption with given undiversi… able labor
income risk, to include opting out of social security. Agents can move mandatory
contributions on labor income to an individual account earning a risky rate of return. The ...
Abstract In this paper, we develop a tractable model of the labor market where workers
search for employment opportunities both while unemployed and while on the job. We use
the model to measure the effect of aggregate productivity fluctuations on the US labor ...
C Carrillo‐Tudela,
G Menzio… - International Economic …, 2011 - Wiley Online Library
This article revisits the no-recall assumption in job search models with take-it-or-leave-it
offers. Workers who can recall previously encountered potential employers in order to
engage them in Bertrand bidding have a distinct advantage over workers without such ...
[CITATION] Opting out of Social Security over the Lyfe Cycle
M Guido - 2000 - CeRP (Centre for Research on …
C Carrillo-Tudela, G Menzio… - 2010 - Citeseer
Abstract The objective of this paper is to construct and quantitatively assess an equilibrium
search model with on-the-job search and human capital accumulation. In the model workers
enter the labour market with different abilities and firms differ in their labour productivities. ...
A Head, L Liu,
G Menzio… - Unpublished manuscript, …, 2010 - dept.econ.yorku.ca
Abstract We develop a general equilibrium framework in which sellers post nominal prices
that may not respond to changes in the aggregate price level; and this is an outcome, rather
than an assumption. Money is used as a medium of exchange, and hence it is natural that ...
[CITATION] Randall Wright (2007). mInflation and unemployment in the long $ run
A Berentsen… - nUniversity of Pennsylvania Working …
[CITATION] High-Frequency Wage Rigidity.” ht tp
G Menzio - web–facsta_. sas. upenn. edu/_gmenzio/research. htm, 2005
A Head, LQ Liu,
G Menzio… - 2009 - philadelphiafed.org
Abstract We develop a general equilibrium framework where sellers post nominal prices that
may not respond to changes in the aggregate price level–but this is an outcome, and not an
assumption. Money is used as a medium of exchange, and hence it is natural that prices ...
H Sun, S Shi… - Working Papers, 2011 - ideas.repec.org
Dispersion of money balances among individuals is the basis for a range of policies but it
has been abstracted from in monetary theory for tractability reasons. In this paper, we fill in
this gap by constructing a tractable search model of money with a non-degenerate ...
M Golosov, P Maziero… - 2012 - econ.ubc.ca
Abstract This paper studies the optimal redistribution of income inequality caused by the
presence of search and matching frictions in the labor market. We study this problem in the
context of a directed search model of the labor market populated by homogenous workers ...
[CITATION] Managing Strategic Buyers Managing Strategic Buyers (pp. 379-425) Contains supplements
J Hörner, L Samuelson, GD Libecap,
D Lueck… - The Journal of Political …, 2011 - JSTOR
A Head, LQ Liu,
G Menzio… - 2011 - nber.org
Why do some sellers set nominal prices that apparently do not respond to changes in the
aggregate price level? In many models, prices are sticky by assumption; here it is a result.
We use search theory, with two consequences: prices are set in dollars, since money is ...
We consider a frictional labor market in which firms want to insure their senior employees
against income fluctuations and, at the same time, want to recruit new employees to fill their
vacant positions. Firms can commit to a wage schedule, ie a schedule that specifies the ...
Zusammenfassung: We study the long-run relation between money, measured by inflation or
interest rates, and unemployment. We first discuss data, documenting a strong positive
relation between the variables at low frequencies. We then develop a framework where ...
Abstract: This dissertation develops a novel model of wage determination in frictional labor
markets, based on the personnel economics notion of'firm-wage policy.'The first micro
implication of the model is that if co-workers can observe each other's pay, the wage of old ...
G Menzio - University of Pennsylvania, 2007 - economics.sas.upenn.edu
Abstract This paper studies price dynamics in a product markets characterized by:(a) search
frictionsk in the sense that it takes time for a buyer to find a seller that produces a version of
the good he likes;(b) anonymityk in the sense that sellers cannot price discriminate ...
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