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Search, market power, and the disper...

Kumar, Alok.

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Search, market power, and the dispersion of wages and prices.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Search, market power, and the dispersion of wages and prices./
Author:	Kumar, Alok.
Description:	174 p.
Notes:	Source: Dissertation Abstracts International, Volume: 64-07, Section: A, page: 2581.
Contained By:	Dissertation Abstracts International64-07A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=NQ81005
ISBN:	0612810054

Search, market power, and the dispersion of wages and prices.
Kumar, Alok.

Search, market power, and the dispersion of wages and prices. - 174 p.

Source: Dissertation Abstracts International, Volume: 64-07, Section: A, page: 2581.

Thesis (Ph.D.)--Queen's University at Kingston (Canada), 2003.

The thesis analyzes the macro-economic effects of unemployment insurance and inflation in a search environment in which firms enjoy market power.

ISBN: 0612810054Subjects--Topical Terms:

1017424
Economics, General.

Search, market power, and the dispersion of wages and prices.
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035 $a (UnM)AAINQ81005
035 $a AAINQ81005
040 $a UnM $c UnM
100 1 $a Kumar, Alok. $3 1038003
245 1 0 $a Search, market power, and the dispersion of wages and prices.
300 $a 174 p.
500 $a Source: Dissertation Abstracts International, Volume: 64-07, Section: A, page: 2581.
500 $a Adviser: Allen Head.
502 $a Thesis (Ph.D.)--Queen's University at Kingston (Canada), 2003.
520 $a The thesis analyzes the macro-economic effects of unemployment insurance and inflation in a search environment in which firms enjoy market power.
520 $a Firstly, the thesis examines the effects of unemployment insurance on productivity, output, and residual (within-skill) wage dispersion. In equilibrium, unemployment insurance increases welfare not only by providing consumption-smoothing benefits but also by increasing output. Additionally, higher unemployment benefits lead to less residual wage dispersion, compression of the lower half of the wage earnings distribution, and a smaller incidence of low wages.
520 $a Secondly, the thesis studies the effects of inflation on price dispersion and welfare in a search economy with monetary exchange. In the model ex ante identical buyers search among prices posted by identical sellers. If the measure of buyers observing a single price is fixed, both price dispersion and the average real price level are increasing in the inflation rate. Money creation lowers welfare through the inflation tax, the Friedman rule is optimal (in the limit), and the welfare costs of deviating from it are larger with price dispersion than they would be if the price distribution were concentrated at the marginal cost price (as it is if all buyers observe at least two prices). If households choose the number of prices to observe, then the Friedman rule is not optimal. Rather, up to some point increased inflation will raise welfare by eroding sellers' market power.
520 $a Finally, the effects of inflation on the residual real wage dispersion and welfare are studied in a cash-in-advance economy with a Walrasian goods market but a labor market with search friction in which firms enjoy market power. In equilibrium, a higher inflation rate reduces the dispersion in real wages. While higher inflation always lowers consumption, output, and employment, the optimal inflation rate exceeds the Friedman rule.
590 $a School code: 0283.
650 4 $a Economics, General. $3 1017424
650 4 $a Economics, Labor. $3 1019135
650 4 $a Sociology, Public and Social Welfare. $3 1017909
690 $a 0501
690 $a 0510
690 $a 0630
710 2 0 $a Queen's University at Kingston (Canada). $3 1250078
773 0 $t Dissertation Abstracts International $g 64-07A.
790 1 0 $a Head, Allen, $e advisor
790 $a 0283
791 $a Ph.D.
792 $a 2003
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=NQ81005