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Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
Cardiff Economics Working Papers No. E2007/19
Verlag: 
Cardiff University, Cardiff Business School, Cardiff
Zusammenfassung: 
To examine the cyclical behavior of the skill-premium, this paper introduces implicit labor contracts in a DSGE model where production is characterized by capital-skill complementarity and the utilization of capital is endogenous. It is shown that this model can reproduce the observed cyclical patterns of wages and the skill-premium. The feature of capital-skill complementarity coupled with variable capital utilization rates does not come at odds with the acyclical behavior of the skill-premium. The paper argues that the skill-complementarity of capital is not a quantitatively signiÖcant factor at high frequencies. The key aspects are the contracts and the capital utilization margin.
Schlagwörter: 
Implicit Contracts
Wages
Skill-Premium
Business Cycles
CapitalSkill Complementarity
JEL: 
E13
E24
E32
Dokumentart: 
Working Paper

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