The Distributional Impacts of Minimum Wage Increases When Both Labor Supply and Labor Demand Are Endogenous
构建并估计了一个包含内生企业进入和劳动供给的搜索模型，发现最低工资上涨对就业的影响取决于搜寻企业和工人数量的变化，且福利效应与经典分析类似：最想要最低工资工作的工人受损，而边缘受益者获益。
We develop and estimate a one-shot search model with endogenous firm entry, and therefore zero expected profits, and endogenous labor supply. Positive employment effects from a minimum wage increase can result as the employment level depends upon both the numbers of searching firms and workers. Welfare implications are similar to the classical analysis: workers who most want the minimum wage jobs are hurt by the minimum wage hike with workers marginally interested in minimum wage jobs benefiting. We estimate the model using CPS data on teenagers and show that small changes in the employment level are masking large changes in labor supply and demand. Teenagers from well-educated families see increases in their employment probabilities and push out their less-privileged counterparts from the labor market. This article has supplementary material online.