Human capital accumulation and labour market equilibrium.

Autor/inn/en	Burdett, Ken; Carrillo-Tudela, Carlos; Coles, Melvyn G.
Titel	Human capital accumulation and labour market equilibrium.
Quelle	Bonn: IZA (2009), 27 S. PDF als Volltext kostenfreie Datei Link als defekt meldenVerfügbarkeit
Reihe	IZA discussion papers. 4215
Sprache	englisch
Dokumenttyp	online; Monographie; Graue Literatur
Schlagwörter	Gleichgewicht; Bildungsinvestition; Investition; Lohnstruktur; Arbeitsmarkttheorie; Arbeitsuche; Berufserfahrung; Berufsbegleitende Ausbildung; Arbeitspapier; Theorie
Abstract	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.
Erfasst von	ZBW - Leibniz-Informationszentrum Wirtschaft, Kiel
Update	2010/1