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Ability and employer learning: Evidence from the economist labor market

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  • Oyer, Paul

Abstract

I study the human capital development and firm-worker matching processes for PhD economists. This group is useful for this purpose because the types of jobs they hold can be easily categorized and they have an observable productivity measure (that is, publications). I derive a two-period model to motivate an empirical analysis of economist job matching upon graduation, matching ten years later, and productivity in the first ten years. I show that matching to a higher ranked institution affects productivity. I present evidence that employers improve their estimates of economists' ability early in their career in a way that determines longer-term job placement. I also find that the initial placement of economists to institutions does not show much evidence of systematic misallocation along observable characteristics. J. Japanese Int. Economies 22 (2) (2008) 268-289.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of the Japanese and International Economies.

Volume (Year): 22 (2008)
Issue (Month): 2 (June)
Pages: 268-289

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Handle: RePEc:eee:jjieco:v:22:y:2008:i:2:p:268-289

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Web page: http://www.elsevier.com/locate/inca/622903

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  1. Valerie Smeets & Frédèric warzynski & Tom Coupé, 2006. "Does the Academic Labor Market Initially Allocate New Graduates Efficiently?," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 20(3), pages 161-172, Summer.
  2. Joseph G. Altonji & Charles R. Pierret, 1997. "Employer learning and statistical discrimination," Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago WP-97-11, Federal Reserve Bank of Chicago.
  3. Henry S. Farber & Robert Gibbons, 1991. "Learning and Wage Dynamics," NBER Working Papers 3764, National Bureau of Economic Research, Inc.
  4. Miller, Robert A, 1984. "Job Matching and Occupational Choice," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 92(6), pages 1086-120, December.
  5. Robert Gibbons & Lawrence F. Katz & Thomas Lemieux & Daniel Parent, 2005. "Comparative Advantage, Learning, and Sectoral Wage Determination," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 23(4), pages 681-724, October.
  6. Yonmin Chen & Terra Mckinnish, 2005. "Do Economics Departments Search Optimally in Faculty Recruiting?," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 43(3), pages 676-688, July.
  7. Jovanovic, Boyan, 1979. "Job Matching and the Theory of Turnover," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 87(5), pages 972-90, October.
  8. Kahn, Charles & Huberman, Gur, 1988. "Two-sided Uncertainty and "Up-or-Out" Contracts," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 6(4), pages 423-44, October.
  9. Paul Oyer, 2006. "The Making of an Investment Banker: Macroeconomic Shocks, Career Choice, and Lifetime Income," NBER Working Papers 12059, National Bureau of Economic Research, Inc.
  10. Paul Oyer, 2006. "Initial Labor Market Conditions and Long-Term Outcomes for Economists," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 20(3), pages 143-160, Summer.
  11. Carmichael, H Lorne, 1988. "Incentives in Academics: Why Is There Tenure?," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 96(3), pages 453-72, June.
  12. MacDonald, Glenn M, 1982. "A Market Equilibrium Theory of Job Assignment and Sequential Accumulation of Information," American Economic Review, American Economic Association, American Economic Association, vol. 72(5), pages 1038-55, December.
  13. Farber, Henry S., 1999. "Mobility and stability: The dynamics of job change in labor markets," Handbook of Labor Economics, Elsevier, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 37, pages 2439-2483 Elsevier.
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Cited by:
  1. John P. Conley & Ali Sina Onder & Benno Torgler, 2012. "Are all High-Skilled Cohorts Created Equal? Unemployment, Gender, and Research Productivity," CREMA Working Paper Series, Center for Research in Economics, Management and the Arts (CREMA) 2012-15, Center for Research in Economics, Management and the Arts (CREMA).
  2. Nakabayashi, Masaki, 2011. "Schooling, employer learning, and internal labor market effect: Wage dynamics and human capital investment in the Japanese steel industry, 1930-1960s," MPRA Paper 30597, University Library of Munich, Germany.
  3. Timothy Perri, 2011. "Between the Penthouse and the Outhouse: The Sorting of Economics Professors," Working Papers, Department of Economics, Appalachian State University 11-13, Department of Economics, Appalachian State University.

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