English, Article, Journal or magazine article edition: Human Capital Accumulation and Labour Market Equilibrium Burdett, Ken; Carrillo-Tudela, Carlos; Coles, Melvyn

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Bookmark: http://trove.nla.gov.au/version/121775
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Human Capital Accumulation and Labour Market Equilibrium
Author
  • Burdett, Ken
  • Carrillo-Tudela, Carlos
  • Coles, Melvyn
Physical Description
  • preprint
Notes
  • We analyse an equilibrium labour market with on-the-job search and experience effects (where workers learn-by-doing). The analysis yields a standard Mincer wage equation with worker fixed effects and endogenously determined firm fixed effects. It shows that learning-by-doing increases equilibrium wage dispersion consistent with the data. Equilibrium sorting - where over time more experienced workers also tend to find and quit to better paid employment - has a significant impact on wage inequality. As the model yields a cross section distribution of wages paid with the 'right' structure (the density of wages paid is single peaked with a 'fat' Pareto right tail) and yields the 'right' time profile of worker wage outcomes (the initial 10 years of a worker's career are characterised by several job changes and rapid wage growth) it yields a new, coherent statistical structure for future applied work.
  • search, wage dispersion, human capital accumulation
  • RePEc:iza:izadps:dp4215
Language
  • English
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