G2TT
来源类型Discussion paper
规范类型论文
来源IDDP5577
DP5577 Tenure Profiles and Efficient Separation in a Stochastic Productivity Model
Coen N. Teulings; Ioan Sebastian Buhai
发表日期2006-03-24
出版年2006
语种英语
摘要This paper provides a new way of analyzing tenure profiles in wages, by modelling simultaneously the evolution of wages and the distribution of tenures. Starting point is the observation that within-job log wages for an individual can be described by random walk. We develop a theoretical model based on efficient bargaining, where both log outside wage and log wage in the current job follow a random walk. This setting allows the application of real option theory. We derive the efficient separation rule, which stipulates that workers switch jobs when the difference between the outside wage and the wage in the current job reaches a threshold. The model fits well the observed distribution of job tenures. Since we observe outside wages only at job start and job separation, our empirical analysis of within job wage growth is based on expected wage growth conditional on the outside wages at both dates. Our modelling allows testing of the efficient bargaining hypothesis. The model is estimated on the PSID.
主题Labour Economics
关键词Random productivity growth Efficient bargaining Job tenure Wage growth Wage-tenure profiles Option theory
URLhttps://cepr.org/publications/dp5577
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/534437
推荐引用方式
GB/T 7714
Coen N. Teulings,Ioan Sebastian Buhai. DP5577 Tenure Profiles and Efficient Separation in a Stochastic Productivity Model. 2006.
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