HUMAN CAPITAL ACCUMULATION AND LABOR MARKET EQUILIBRIUM*

Name: Work Video:
Duration: 3 min 30 s
Description: We analyze an equilibrium labor market with on-the-job search and experience effects (as workers learn by doing). The analysis yields a Mincer wage equation with worker fixed effects and endogenously determined firm fixed effects. Equilibrium sorting—where over time more experienced workers also tend to move to better paid employment—has a significant impact on wage inequality.
Kenneth Burdett; Carlos Carrillo‐Tudela; Melvyn Coles
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