Labour Market Structure and Inequality: A Comparison of Italy and the U.S.

摘要: Markets with rigid labour regulations and centralized wage setting are often thought to be inefficient but egalitarian. Using a model of off- on-the-job search event-history, individual-level data for Italy the U.S., we show that while cross-sectional distributions young Italian males much more compressed than comparable white U.S. males, estimated implies distribution lifetime welfare is no disperse in it Italy. Our high frequency movements between market states leads both relatively equitable "long run" level inequality.