Towards an evolutionary interpretation of aggregate labor market regularities

Giorgio Fagiolo (), Giovanni Dosi and Roberto Gabriele ()

A chapter in Entrepreneurships, the New Economy and Public Policy, 2005, pp 223-252 from Springer

Abstract: Abstract In this paper, we present an agent-based, evolutionary, model which formalizes from the bottom up individual behaviors and interactions in both product and labor markets. We describe vacancy and wage setting, matching and bargaining, demand and price formation as endogenous processes. Firms enjoy labor productivity improvements and are selected in the product market. Simulations show that: (i) the model is able robustly to reproduce Beveridge, Wage and Okun curves; (ii) Okun coefficients greater than one emerge even if individual firms employ linear technologies; (iii) changes in institutional, behavioral, and technological parameters induce statistically detectable shifts in Okun and Beveridge curves.

Keywords: Labor Markets; Dynamics; Aggregate Regularities; Beveridge Curve; Okun Curve; Wage Curve; Matching Models (search for similar items in EconPapers)
Date: 2005
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Related works:
Working Paper: Towards an Evolutionary Interpretation of Aggregate Labor Market Regularities (2004)
Working Paper: Towards an Evolutionary Interpretation of Aggregate Labor Market Regularities (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-540-26994-6_13

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DOI: 10.1007/3-540-26994-0_13

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