Labor Market Dynamics and Institutions: an Evolutionary Approach

Roberto Gabriele ()

LEM Papers Series from Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy

Abstract: We analyse labor market dynamics with an agent based model, which replicates a set of stylized facts in the labor market as well as aggregate regularities. We are able to reproduce the Beveridge curve, job creation and destruction flows, a persistent unemployment level, and wages stickiness. On the aggregate level, we observe a self-enforcing process of real income growth and average productivity growth. Model simulations allow us study the role of dynamic interactions among agents -individuals and firms- in a changing environment shaped by institutions. The key features are the microfoundations of the processes governing the labor market, such as job search by individuals, and matching and bargaining among firms and potential employees

Keywords: Unemployment; Beveridge curve; Matching; Technical Change. (search for similar items in EconPapers)
Date: 2002-12-11
New Economics Papers: this item is included in nep-evo, nep-lab and nep-pke
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:ssa:lemwps:2002/07

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