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Working Paper
Employment Dynamics in a Signaling Model with Workers' Incentives
Many firms adjust employment in a "lumpy" manner -- infrequently and in large bursts. In this paper, I show that lumpy adjustments can arise from concerns about the incentives of remaining workers. Specifically, I develop a model in which a firm's productivity depends on its workers' effort and workers' income prospects depend on the firm's profitability. I use this model to analyze the consequences of demand shocks that are observed by the firm but not by its workers, who can only try to infer the firm's profitability from its employment decisions. I show that the resulting signaling model ...
Discussion Paper
Wage Pressures in the Labor Market: What Do They Say?
Wage pressures among the newly employed in low-wage service occupations appearto be the result of normal economic forces, likely reflecting demand surges for—and areluctant supply of—workers in occupations particularly hard hit by pandemic-inducedeconomic shutdowns.
Discussion Paper
Wage Pressures in the Labor Market: What Do They Say?
Wage pressures among the newly employed in low-wage service occupations appear to be the result of normal economic forces, likely reflecting demand surges for—and a reluctant supply of—workers in occupations particularly hard hit by pandemic-induced economic shutdowns.