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Tenure, Experience, Human Capital, and Wages: A Tractable Equilibrium Search Model of Wage Dynamics
Ist Teil von
The American economic review, 2014-06, Vol.104 (6), p.1551-1596
Ort / Verlag
Nashville: American Economic Association
Erscheinungsjahr
2014
Link zum Volltext
Quelle
EBSCOhost Business Source Ultimate
Beschreibungen/Notizen
We develop and estimate an equilibrium job search model of worker careers, allowing for human capital accumulation, employer heterogeneity, and individual-level shocks. Wage growth is decomposed into contributions of human capital and job search, within and between jobs. Human capital accumulation is largest for highly educated workers. The contribution from job search to wage growth, both within and between jobs, declines over the first ten years of a career—the "job-shopping" phase of a working life—after which workers settle into high-quality jobs using outside offers to generate gradual wage increases, thus reaping the benefits from competition between employers.