Financial Markets and Wages
构建了一个劳动市场均衡模型，其中财务受限的企业提供递增的工资合约，从而解释了企业规模与工资的正相关关系，并用NLSY数据验证了模型的关键动态特征。
We study a labor market equilibrium model in which firms sign optimal long-term contracts with workers. Firms that are financially constrained offer an increasing wage profile: They pay lower wages today in exchange of higher wages once they become unconstrained and operate at a larger scale. In equilibrium, constrained firms are on average smaller and pay lower wages. In this way the model generates a positive relation between firm size and wages. Using data from the National Longitudinal Survey of Youth (NLSY) we show that the key dynamic properties of the model are supported by the data.