Economics - Research Publications

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    Economic progress and skill obsolescence with network effects
    Kennedy, PW ; King, IP (Springer Science and Business Media LLC, 2005-07)
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    Residual wage disparity and coordination unemployment
    Julien, B ; Kennes, J ; King, I (WILEY, 2006-08)
    How much of residual wage dispersion can be explained by an absence of coordination among firms? To answer, we construct a dynamic directed search model with identical workers where firms can create high‐ or low‐productivity jobs and are uncoordinated in their offers to workers, calibrated to the U.S. economy. Workers can exploit ex post opportunities once approached by firms, and can conduct on‐the‐job search. The stationary equilibrium wage distribution is hump‐shaped, skewed significantly to the right, and, with baseline parameters, generates residual dispersion statistics 75–90% of those found empirically. However, the model underestimates the average duration of unemployment.
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    Bidding for money
    Julien, B ; Kennes, J ; King, I (ACADEMIC PRESS INC ELSEVIER SCIENCE, 2008-09)