The Ratchet Effect, the Market for Senior Workers, and Intertemporal Commitment

Yoshitsugu Kanemoto and W. Bentley Macleod

Working Paper from Economics Department, Queen's University

Abstract: This paper studies the effect that a labour market for older workers will have on the ratchet effect. Even though we assume that the information on worker type that a firm obtains will not be transmitted to the other firms, the presence of the ex post labour market eliminates the ratchet effect. We also compare the cases with and without the market for senior workers, with yields useful insights on differences between labour markets in the U.S. and Japan.

Pages: 25 pages
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:qed:wpaper:703

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