Publication:
Job Dynamics, Correlated Shocks and Wage Profiles

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URI: http://hdl.handle.net/10016/3493
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CABRALES_WPUPF_1998_260_CA.pdf (226.56 KB)
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1998
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Universidad Pompeu Fabra. Departamento de Economia y Empresa
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We generalize the Mortensen-Pissarides (1994) model of the labor market with a more realistic structure for the stochastic process of the shocks to the worker- rm match. In this way we can acommodate the empirical observation that hazard rates of job termination decrease and average wages increase with job tenure. Besides being able to t better some observables of the model, the changes we introduce are nontrivial for the analysis of policies as well.
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