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NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Working Papers by Janet Yellen

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Working Papers

June 1990Waiting for Work
with George A. Akerlof, Andrew K. Rose: w3385
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.

Published: George A. Akerlof & Andrew K. Rose & Janet L. Yellen, 1990. "Waiting for work," Proceedings, Federal Reserve Bank of San Francisco, issue Nov. citation courtesy of

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers onlyInformation about this author at RePEc

 
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