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Search frictions in macroeconomics.

Wee, Shu Lin.

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Search frictions in macroeconomics.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Search frictions in macroeconomics./
Author:	Wee, Shu Lin.
Description:	203 p.
Notes:	Source: Dissertation Abstracts International, Volume: 75-11(E), Section: A.
Contained By:	Dissertation Abstracts International75-11A(E).
Subject:	Commerce-Business. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3627684
ISBN:	9781321031010

Search frictions in macroeconomics.
Wee, Shu Lin.

Search frictions in macroeconomics. - 203 p.

Source: Dissertation Abstracts International, Volume: 75-11(E), Section: A.

Thesis (Ph.D.)--University of Maryland, College Park, 2014.

This item is not available from ProQuest Dissertations & Theses.

This dissertation explores the role of search frictions in macroeconomics and highlights how these frictions influence micro-level decisions which in turn affect aggregated outcomes.

ISBN: 9781321031010Subjects--Topical Terms:

3168423
Commerce-Business.

Search frictions in macroeconomics.
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020 $a 9781321031010
035 $a (MiAaPQ)AAI3627684
035 $a AAI3627684
040 $a MiAaPQ $c MiAaPQ
100 1 $a Wee, Shu Lin. $3 3176613
245 1 0 $a Search frictions in macroeconomics.
300 $a 203 p.
500 $a Source: Dissertation Abstracts International, Volume: 75-11(E), Section: A.
500 $a Advisers: S. Boragan Aruoba; John C. Haltiwanger.
502 $a Thesis (Ph.D.)--University of Maryland, College Park, 2014.
506 $a This item is not available from ProQuest Dissertations & Theses.
506 $a This item must not be sold to any third party vendors.
506 $a This item must not be added to any third party search indexes.
520 $a This dissertation explores the role of search frictions in macroeconomics and highlights how these frictions influence micro-level decisions which in turn affect aggregated outcomes.
520 $a Chapter 1 examines how individuals entering the job market during a recession can suffer persistent wage losses. I document how entering the job market during a recession not only affects wage outcomes but also severely impinges on early between-career changes. I then build a model that shows how entering the job market during a recession hampers early career mobility which is critical towards facilitating learning about one's comparative advantage and accumulating human capital specific to one's ideal career. Consequently, individuals who choose to switch careers post-recession are forced to restart at lower wages as they lack `relevant' career-specific human capital and certainty over their aptitude in their new careers. Permanent misallocation also arises when marginal workers who, having accumulated sufficient career-specific human capital, find it too costly to switch careers in the recovery. Persistent wage losses are a result of misallocation and experience gaps, both of which take time to correct.
520 $a Chapter 2 looks at how consumer search behavior and the durability of the product affect firms' strategic pricing decisions. In the model, search is costly and consumers do not get to sample all prices in the market but rather have some positive probability of meeting only one or two sellers. In addition, consumers purchase goods that do not perish immediately and are able to postpone transactions. Firms face two types of customers: loyals and shoppers. The presence of a customer base and search frictions imply that a firm takes into account the consumer search method when setting prices. Durability of the product and the consumer's ability to postpone purchases suggest that consumers have greater bargaining power over the maximum price the firm is able to charge. In the numerical exercises, I show that all else equal, 1) the range of prices supported under durable goods is larger than the range of prices supported for non-durables, and 2) money is not neutral once the presence of a customer base is taken into account.
590 $a School code: 0117.
650 4 $a Commerce-Business. $3 3168423
650 4 $a Labor economics. $3 642730
690 $a 0505
690 $a 0510
710 2 $a University of Maryland, College Park. $b Economics. $3 1030931
773 0 $t Dissertation Abstracts International $g 75-11A(E).
790 $a 0117
791 $a Ph.D.
792 $a 2014
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3627684