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Waiting for Work

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Author Info

  • George A. Akerlof
  • Andrew K. Rose
  • Janet L. Yellen

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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File URL: http://www.nber.org/papers/w3385.pdf
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Bibliographic Info

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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Publication status: published as George A. Akerlof & Andrew K. Rose & Janet L. Yellen, 1990. "Waiting for work," Proceedings, Federal Reserve Bank of San Francisco, issue Nov.
Handle: RePEc:nbr:nberwo:3385

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Cited by:
  1. Néria Rodréguez-Planas, 2011. "Displacement, Signaling, and Recall Expectations," Working Papers 550, Barcelona Graduate School of Economics.
  2. Gautier, Pieter A., 1997. "A note on waiting," Serie Research Memoranda, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics 0037, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.

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