Wage Contracts When Output Grows Stochastically: The Roles of Mobility Costs and Capital Market Imperfections
分析劳动力流动成本和资本市场条件如何影响工资合同设计，发现流动成本是工人无法进入资本市场时提供工资和就业保险的必要条件，而完善的资本市场则无需流动成本即可提供保险。
The paper considers an industry in which individual output follows a stochastic growth process with a cumulative effect. It analyzes the roles of labor mobility and capital market conditions in the determination of wage contracts. Positive costs of mobility are shown to be necessary for the provision of wage and employment insurance when workers have no access to the capital market. When insurance is provided, wages grow less than average productivity. If the capital market is perfect, wage insurance will be provided even in the absence of costs of mobility. In this case, wages grow faster than average productivity.