An Equilibrium Search Model with Capital Accumulation
We extend the basic equilibrium search model of Burdett-Mortnesen with a human capital accumulating wage function and solve for the new equilibrium distribution of wages. We find an equilibrium distribution of earned wages with no upper bound of the support and with density having a decreasing tail. We develop methods for estimating the wage growth parameter super-consistently at rate n and we implement our method on a data example.
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