Getting Handcuffs on an Octopus
研究了最低工资对青少年劳动力市场工人流动和就业稳定性的影响，发现较高最低工资减少工人流动、增加工作稳定性，且就业效应因市场周转率和紧张程度而异，有助于解释总体数据中最低工资对就业影响较小的现象。
Theoretical work on minimum wage policy emphasizes labor market dynamics, but the resulting implications for worker mobility remain largely untested. The authors show that in the teenage labor market, higher minimum wage standards reduce worker flows and increase job stability. Furthermore, they find that the employment effects of a relatively higher minimum wage vary considerably across markets with different levels of turnover and labor market tightness. Results help to explain the small effects of minimum wage standards on employment commonly found in the aggregate data and are consistent with labor market models that involve search frictions.