Career Spillovers in Internal Labour Markets

• 成果类型: Article
• 署名作者: Bianchi, Nicola; Bovini, Giulia; Li, Jin; Paradisi, Matteo; Powell, Michael
• 署名单位: Northwestern University; National Bureau of Economic Research; European Central Bank; Bank of Italy; University of Hong Kong
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rdac067
• 发表日期: 2023
• 页码: 1800-1831
• 关键词: promotion tournaments; demographic-models; wage; FIRMS

摘要

This article studies career spillovers across workers, which arise in firms with limited promotion opportunities. We exploit a 2011 Italian pension reform that unexpectedly tightened eligibility criteria for the public pension, leading to sudden, substantial, and heterogeneous retirement delays. Using administrative data on Italian private-sector workers, the analysis leverages cross-firm variation to isolate the effect of retirement delays among soon-to-retire workers on the wage growth and promotions of their colleagues. We find evidence of spillover patterns consistent with older workers blocking the careers of their younger colleagues, but only in firms with limited promotion opportunities.