Search Unemployment with On-the-job Search
This paper introduces on-the-job search into the model of search equilibrium that builds on the concept of the matching function and non-cooperative wage behaviour. On-the-job search takes place only at short job tenures because of the accumulation of job-specific human capital. The model of search equilibrium retains its familiar structure but yields new results. The most interesting one is a fall in the responsiveness of unemployment to productivity shocks because of induced changes in the composition of jobs and the number of employed job seekers.
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Volume (Year): 61 (1994)
Issue (Month): 3 ()
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