Unobserved heterogeneity, exit rates and re-employment wages
Fernández-Blanco, Javier (Universitat Autònoma de Barcelona)
Gomes, Pedro (Universidad Carlos III de Madrid)

Fecha:	2017
Resumen:	Exit rates from unemployment and re-employment wages decline over a period of unemployment, after controlling for worker observable characteristics. We study the role of unobserved heterogeneity in an economy with asymmetric information and directed search. We show that the unique equilibrium is separating and that skilled workers have more job opportunities and higher wages. The composition of the unemployed varies with the duration of unemployment, so average exit rates and wages fall with time. The separating equilibrium relies on performance-related pay schemes and the ability of firms to commit to renting an input that is complementary to worker skills.
Ayudas:	Ministerio de Ciencia y Tecnología ECO2010-19357 Ministerio de Ciencia y Tecnología EC02013-46395 Ministerio de Economía y Competitividad ECO2012-32392
Derechos:	Tots els drets reservats.
Lengua:	Anglès
Documento:	Article ; recerca ; Versió acceptada per publicar
Materia:	Asymmetric information ; Directed search ; Unemployment duration
Publicado en:	The Scandinavian journal of economics, Vol. 119, Num. 2 (2017) , p. 375-404, ISSN 0347-0520

DOI: 10.1111/sjoe.12173

Postprint 35 p, 578.1 KB

El registro aparece en las colecciones:
Artículos > Artículos de investigación
Artículos > Artículos publicados