@techreport{NBERw3385,
 title = "Waiting for Work",
 author = "George A. Akerlof and Andrew K. Rose and Janet L. Yellen",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "3385",
 year = "1990",
 month = "June",
 URL = "http://www.nber.org/papers/w3385",
 abstract = {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.},
}