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

Jesper Bagger, Francois Fontaine (), Fabien Postel Vinay and Jean-Marc Robin ()
Additional contact information
Jesper Bagger: Royal Holloway, University of London
Fabien Postel Vinay: Département d'économie

Authors registered in the RePEc Author Service: Fabien Postel-Vinay ()

Sciences Po publications from Sciences Po

Abstract: 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-job, 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.

Keywords: Human capital accumulation; Wage growth; Labor market competition (search for similar items in EconPapers)
JEL-codes: J24 J31 J63 J64 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-gro and nep-hrm
Date: 2014-06
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Published in American Economic Review, 2014, vol. 104, pp.1551-1596

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Related works:
Journal Article: Tenure, Experience, Human Capital, and Wages: A Tractable Equilibrium Search Model of Wage Dynamics (2014) Downloads
Working Paper: Tenure, Experience, Human Capital, and Wages: A Tractable Equilibrium Search Model of Wage Dynamics (2014)
Working Paper: Tenure, experience, human capital and wages: a tractable equilibrium search model of wage dynamics (2014) Downloads
Working Paper: Tenure, Experience, Human Capital and Wages: A Tractable Equilibrium Search Model of Wage Dynamics (2011) Downloads
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