Compensating Differentials for Cyclical and Noncyclical Unemployment: The Interaction between Investors' and Employees' Risk Aversion
整合劳动与资产市场均衡，分析周期性和非周期性失业风险导致的工资差异，发现工资差异与失业风险线性相关，且14%-41%的行业间工资差异可由失业风险解释。
This paper integrates the labor and assets markets equilibria to determine and evaluate the wage differentials generated for cyclical and noncyclical risks of unemployment. The relative wage differential is a linear function of unemployment risk measured by the covariance of an index of employment with the rate of change in aggregate output. Seniority and the hoarding of skilled labor are characteristics of minimum cost contracts because employees with more human capital prefer safer jobs. Empirical results suggest that a 14%-41% wage differential can be explained by interindustry differences in unemployment risks.