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Waiting for Work / George A. Akerlof, Andrew K. Rose, Janet L. Yellen.
- Format:
- Book
- Author/Creator:
- Akerlof, George A.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w3385.
- NBER working paper series no. w3385
- Language:
- English
- Subjects (All):
- Occupational mobility.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1990.
- Cambridge, Massachusetts : National Bureau of Economic Research, 1990.
- Summary:
- This paper explains upward job mobility and observed patterns of unemployment by skill as an economy recovers from a recession. Skilled unemployment is due to rational waiting by workers looking for long-term jobs when there is a "lock-in" effect. Lock-in occurs if the conditions in the labor market when a worker first accepts a job have a persistent effect on wages. Using longitudinal data, we provide empirical evidence of the cyclical pattern of wages predicted by the theory and also of lock-in.
- Notes:
- Print version record
- June 1990.
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