English, Article, Journal or magazine article edition: Waiting for Work George A. Akerlof; Andrew K. Rose; Janet L. Yellen

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Bookmark: http://trove.nla.gov.au/version/140327
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Waiting for Work
Author
  • George A. Akerlof
  • Andrew K. Rose
  • Janet L. Yellen
Physical Description
  • preprint
Notes
  • This paper explains upward job mobility and observed patterns of unemployment by skill as an economy recovers from a recession. Skilled unemployment is due to rational waiting by workers looking for long-term jobs when there is a "lock-in" effect. Lock-in occurs if the conditions in the labor market when a worker first accepts a job have a persistent effect on wages. Using longitudinal data, we provide empirical evidence of the cyclical pattern of wages predicted by the theory and also of lock-in.
  • RePEc:nbr:nberwo:3385
Language
  • English
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