Wage-Tenure Contracts in a Frictional Labour Market: Firms' Stratgies for Recruitment and Retention
AbstractThis paper analyses the contract-posting equilibrium in a general equilibrium matching model of the labour market with on-the-job turnover. Privately optimal contracts have a rising wage-tenure profile, even when productivity is constant. The effect is to reduce equilibrium turnover; when jobs differ in productivity, turnover is below the level required for efficient matching of workers to jobs.
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Bibliographic InfoPaper provided by Economics Group, Nuffield College, University of Oxford in its series Economics Papers with number 2000-w10.
Length: 37 pages
Date of creation: 2000
Date of revision:
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Web page: http://www.nuff.ox.ac.uk/economics/
WORKERS' REPRESENTATION ; LABOUR MARKET;
Other versions of this item:
- Margaret Stevens, 2004. "Wage-Tenure Contracts in a Frictional Labour Market: Firms' Strategies for Recruitment and Retention," Review of Economic Studies, Wiley Blackwell, vol. 71(2), pages 535-551, 04.
- J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts
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