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Search Capital

  • Carlos Carrillo-Tudela
  • Eric Smith

We construct a simple equilibrium search model in which workers accumulate information about previously met employment contacts. We term the latter search capital. Here search capital (partially) insures workers against adverse shocks. The model provides a theory of job-to-job transitions that are associated with voluntary or involuntary mobility and with wage rises or wage cuts. It also shows why low wage and younger workers are associated with a higher probability of becoming unemployed.

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Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 3741.

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Date of creation: 2012
Date of revision:
Handle: RePEc:ces:ceswps:_3741
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  1. Fontaine, Francois, 2005. "Why Are Similar Workers Paid Differently? The Role of Social Networks," IZA Discussion Papers 1786, Institute for the Study of Labor (IZA).
  2. repec:inr:wpaper:155908 is not listed on IDEAS
  3. Mark B. Stewart, 2007. "The interrelated dynamics of unemployment and low-wage employment," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(3), pages 511-531.
  4. Grégory Jolivet & Fabien Postel-Vinay & Jean-Marc Robin, 2006. "The empirical content of the job search model: Labor mobility and wage distributions in Europe and the US," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00279066, HAL.
  5. Diamond, Peter A., 1971. "A model of price adjustment," Journal of Economic Theory, Elsevier, vol. 3(2), pages 156-168, June.
  6. Alain Delacroix & Shouyong Shi, 2003. "Directed Search On the Job and the Wage Ladder," Working Papers shouyong-03-04, University of Toronto, Department of Economics.
  7. Cappellari, Lorenzo & Tatsiramos, Konstantinos, 2011. "Friends’ networks and job finding rates," ISER Working Paper Series 2011-21, Institute for Social and Economic Research.
  8. Carlos Carrillo-Tudela & Bart Hobijn & Powen She & Ludo Visschers, 2015. "The Extent and Cyclicality of Career Changes: Evidence for the UK," ESE Discussion Papers 258, Edinburgh School of Economics, University of Edinburgh.
  9. Carrillo-Tudela, Carlos & Menzio, Guido & Smith, Eric, 2009. "Job Search with Bidder Memories," IZA Discussion Papers 4319, Institute for the Study of Labor (IZA).
  10. Mortensen, Dale T. & Vishwanath, Tara, 1994. "Personal contacts and earnings : It is who you know!," Labour Economics, Elsevier, vol. 1(2), pages 187-201, March.
  11. Ronald Wolthoff, 2013. "It's About Time: Implications of the Period Length in an Equilibrium Search Model," Working Papers tecipa-476, University of Toronto, Department of Economics.
  12. Jesper Bagger & Fran?ois Fontaine & Fabien Postel-Vinay & Jean-Marc Robin, 2014. "Tenure, Experience, Human Capital, and Wages: A Tractable Equilibrium Search Model of Wage Dynamics," American Economic Review, American Economic Association, vol. 104(6), pages 1551-96, June.
  13. repec:oup:qjecon:v:110:y:1995:i:3:p:837-55 is not listed on IDEAS
  14. Helen Connolly & Peter Gottschalk, 2002. "Wage Cuts as Investment in Future Wage Growth: Some Evidence," Boston College Working Papers in Economics 543, Boston College Department of Economics, revised 30 Sep 2004.
  15. Helen Connolly & Peter Gottschalk, 2008. "Wage Cuts as Investment in Future Wage Growth," LABOUR, CEIS, vol. 22(1), pages 1-22, 03.
  16. Éva Nagypál, 2006. "On the extent of job-to-job transitions," 2006 Meeting Papers 10, Society for Economic Dynamics.
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