Chae, Minsok; (2024) Essays in Labour Economics. Doctoral thesis (Ph.D), UCL (University College London).

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Abstract

This thesis studies how the relaxation of various constraints can affect the labour market through the search and matching between firms and workers. The first chapter shows that the skill requirements imposed by the training system adopted by large firms can explain a specific phenomenon in the Korean labour market that cannot be adequately explained by standard search models: the limited job-to-job transitions from SMEs to large enterprises despite workers strongly preferring the latter. Furthermore, a counterfactual analysis using a structural model shows relaxing the skill requirements reduces about 26~38 percent of the wage gap between small and large firms. The second chapter examines the impact of submitting referrals, which relax information constraints on applicants, on hiring outcomes. Using unique data from a private matching platform, I find that submitting referrals significantly increases the probability that an applicant is hired, but does not significantly change his or her wage once hired. The final chapter suggests that firms' preference for experienced workers could be one of the causes of high youth unemployment. A counterfactual analysis shows that if companies do not prefer experienced workers, more than 40 percent of the unemployment gap between young workers and prime-age workers would disappear and the expected lifetime income of young unemployed people newly entering the labor market is expected to increase by 14 percent.

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