<P align=center><FONT face="Times New Roman">Financial Markets and Wages

</FONT>
<p>
<P align=center><FONT face="Times New Roman">Claudio Michelacci
<p></FONT>
<p>
<P align=center><FONT face="Times New Roman">and Vincenzo Quadrini
<p></FONT>
<p>
<P align=center><FONT face="Times New Roman">NBER Working Paper No. 11050
<p></FONT>
<p>
<P align=center><FONT face="Times New Roman">January 2005
<p></FONT>
<p>
<P align=center><FONT face="Times New Roman">JEL No. G31, J31, E24
<p></FONT>
<p>
<P align=left><B><FONT face="Times New Roman">ABSTRACT
<p></FONT></B>
<p>
<P align=left><FONT face="Times New Roman">We study a labor market equilibrium model in which firms sign optimal long-term contracts with workers. Firms that are financially constrained offer an increasing wage profile: They pay lower wages today in exchange of higher wages once they become unconstrained and operate at a larger scale. In equilibrium, constrained firms are on average smaller and pay lower wages. In this way the model generates a positive relation between firm size and wages. Using data from the National </FONT><FONT face="Times New Roman">Longitudinal Survey of Youth (NLSY) we show that the key dynamic properties of the model are supported by the data.
<p></FONT>
<p>
<P>
<P><FONT face="Times New Roman" size=3></FONT></P>
<p>

[此贴子已经被作者于2005-4-13 0:18:21编辑过]