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Waiting for Work

Author

Listed:
  • George A. Akerlof
  • Andrew K. Rose
  • Janet L. Yellen

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.

Suggested Citation

  • George A. Akerlof & Andrew K. Rose & Janet L. Yellen, 1990. "Waiting for Work," NBER Working Papers 3385, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:3385
    Note: EFG
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    File URL: http://www.nber.org/papers/w3385.pdf
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    Other versions of this item:

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

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    Cited by:

    1. Robert Gibbons & Michael Waldman, 2006. "Enriching a Theory of Wage and Promotion Dynamics inside Firms," Journal of Labor Economics, University of Chicago Press, vol. 24(1), pages 59-108, January.
    2. Núria Rodríquez-Planas, 2011. "Displacement, Signaling, and Recall Expectations," Working Papers 550, Barcelona School of Economics.

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