FINANCIAL MARKETS AND WAGES

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

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<P align=center><FONT face="Times New Roman">Claudio Michelacci
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<P align=center><FONT face="Times New Roman">and Vincenzo Quadrini
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<P align=center><FONT face="Times New Roman">NBER Working Paper No. 11050
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<P align=center><FONT face="Times New Roman">January 2005
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<P align=center><FONT face="Times New Roman">JEL No. G31, J31, E24
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<P align=left><B><FONT face="Times New Roman">ABSTRACT
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<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.
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FINANCIAL MARKETS AND WAGES

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关键词：financial inancial Financia nancial Markets financial Markets AND Wages