Tenure, Experience, Human Capital, and Wages: A Tractable Equilibrium Search Model of Wage Dynamics

• 成果类型: Article
• 署名作者: Bagger, Jesper; Fontaine, Francois; Postel-Vinay, Fabien; Robin, Jean-Marc
• 署名单位: University of London; Royal Holloway University London; College of American Pathologists; Universite de Lorraine; Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; ENSAE Paris; University of London; University College London; Institut d'Etudes Politiques Paris (Sciences Po); Institut d'Etudes Politiques Paris (Sciences Po); University of London; University College London
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.104.6.1551
• 发表日期: 2014
• 页码: 1551-1596
• 关键词: the-job search; seniority; earnings; Heterogeneity; unemployment; mobility; income; rise; dispersion; insurance

摘要

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.