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Minimum Wages and Labor Market Outcomes: A Quantitative Study Using a Search-Matching Model

  • Journal of Regulation Studies
  • 2016, 25(2), pp.139-161
  • Publisher : 한국규제학회
  • Research Area : Social Science > Public Administration

MOON, WEH-SOL 1

1서울여자대학교

Accredited

ABSTRACT

I construct a search and matching model in which workers are ex ante and ex post heterogeneous. In particular, I incorporate minimum wages into the model and quantitatively examine the impacts of the increases in minimum wages on the labor market. As minimum wages increase, employment falls because the employment relationships for low skilled workers are more likely to terminate. An increase in minimum wages leads to a fall in the expected profits for the matched firms and thus a fall in the number of vacancies posted in equilibrium. A fall in the job-finding probability follows. Finally, most of the increased minimum wage impacts are concentrated on low skilled workers.

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