Wages, Job Queues, and Skills

Ronald Wolthoff and Ioana Marinescu

No 592, 2012 Meeting Papers from Society for Economic Dynamics

Abstract: We study the relationship between wages and the number and quality of applicants that a vacancy attracts. Using data from a large US employment website, we show that higher wages attract better applicants. Surprisingly, higher wages are associated with fewer applications, and this is robust to controlling for industry and occupation fixed effects. Only within specific job titles are higher wages associated with more applications. Our theoretical model shows that such a pattern is consistent with skills demanded by firms being highly job specific. The model has additional testable implications about rent sharing and unemployment rates by skill.

Date: 2012
New Economics Papers: this item is included in nep-lma
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