Financial frictions and inter-firm wage dispersion: A structural estimation

被引：0
作者：
Zhu, Weichao [1 ]
Yun, Xiao [1 ]
Yang, Huimei [1 ]
机构：
[1] Shandong Univ Finance & Econ, Sch Econ, Erhuan East Rd 7366, Jinan 250014, Shandong, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 62卷
关键词：
Financial frictions; Wage dispersion; Search models; Structural estimation; SEARCH; CHINA; OWNERSHIP;
D O I：
10.1016/j.frl.2024.105217
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Based on the stylized facts about financial frictions, this paper proposes a general equilibrium model to show that firms can transmit heterogeneous financial costs to workers through wagebargaining in the labor market with search frictions. In the equilibrium, both financial frictions and search frictions induce inter -firm wage dispersion. Structural estimation indicates that the model accounts for 34-77% of the observed wage dispersion, in which a sizable share is attributable to financial frictions. The bargaining power and market power are important for the cost -transformation process.
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页数：7
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