Turnover reflects specific training better than wages do

Lalith Munasinghe & Brendan Andrew O'Flaherty
Turnover falls with tenure - this is one of the best established empirical regularities of labor economics - but finding a tenure effect on wages seems to be very hard. Within-job wage cuts do not seem very uncommon either. We reconcile these findings by revisiting an old question: how gains from firm specific training are split between workers and firms. The division is determined by a stationary distribution of outside offers. The model is ex...
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