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Waiting for Work

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Author Info
George A. Akerlof
Andrew K. Rose
Janet L. Yellen

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Abstract

This paper explains upward job mobility and observed patterns of unemployment by skill as an economy recovers from a recession. Skilled unemployment is due to rational waiting by workers looking for long-term jobs when there is a "lock-in" effect. Lock-in occurs if the conditions in the labor market when a worker first accepts a job have a persistent effect on wages. Using longitudinal data, we provide empirical evidence of the cyclical pattern of wages predicted by the theory and also of lock-in.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3385.

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Date of creation: Jun 1990
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Handle: RePEc:nbr:nberwo:3385

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  1. Gautier, Pieter A., 1997. "A note on waiting," Serie Research Memoranda 0037, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics. [Downloadable!]
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This page was last updated on 2008-10-9.

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