Equilibrium Wage Dispersion and Interindustry Wage Differentials
用搜索理论解释行业间工资差异：因劳动力市场协调问题，企业为更快招人而提高工资，高工资行业资本密集度和利润更高，且高工资企业会收到更多求职申请。
This paper develops a search-theoretic explanation of interindustry wage differentials. Given coordination problems in the labor market, the probability of filling a vacancy is an increasing function of the wage offered; in equilibrium, firms that find vacancies more costly will offer higher wages. The model thus explains the persistence of interindustry wage differentials and their correlation with industry-average capital-labor ratio and profitability. Additionally, the model predicts that high-wage firms will receive more applications per job opening and that wages in the labor market will behave as strategic complements.