Tenure, Experience, Human Capital and Wages: A Tractable Equilibrium Search Model of Wage Dynamics

Jesper Bagger, Francois Fontaine, Fabien Postel-Vinay and Jean-Marc Robin
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Jesper Bagger: RHUL - Royal Holloway [University of London]

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Abstract: We develop and estimate an equilibrium job search model of worker careers, allowing for human capital accumulation, employer heterogeneity and individual-level shocks. Monthly wage growth is decomposed into the contributions of human capital and job search, within and between jobs. Human capital accumulation is found to be the most important source of wage growth in early phases of workers' careers, but is soon surpassed by search-induced wage growth. Conventional measures of the returns to tenure hide substantial heterogeneity between different workers in the same firm and between similar workers in different firms.

Keywords: Job search; Human capital accumulation; Within-job wage growth; Between-job wage growth; Individual shocks; Structural estimation; Matched employer-employee data (search for similar items in EconPapers)
Date: 2011-08-01
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Related works:
Journal Article: Tenure, Experience, Human Capital, and Wages: A Tractable Equilibrium Search Model of Wage Dynamics (2014)
Working Paper: Tenure, experience, human capital and wages: a tractable equilibrium search model of wage dynamics (2014)
Working Paper: Tenure, experience, human capital and wages: a tractable equilibrium search model of wage dynamics (2014)
Working Paper: Tenure, Experience, Human Capital and Wages: A Tractable Equilibrium Search Model of Wage Dynamics (2011)
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