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Wage-Tenure Contracts in a Frictional Labour Market: Firms' Stratgies for Recruitment and Retention

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  • Stevens, M.

Abstract

This paper analyses the contract-posting equilibrium in a general equilibrium matching model of the labour market with on-the-job turnover. Privately optimal contracts have a rising wage-tenure profile, even when productivity is constant. The effect is to reduce equilibrium turnover; when jobs differ in productivity, turnover is below the level required for efficient matching of workers to jobs.

Suggested Citation

  • Stevens, M., 2000. "Wage-Tenure Contracts in a Frictional Labour Market: Firms' Stratgies for Recruitment and Retention," Economics Papers 2000-w10, Economics Group, Nuffield College, University of Oxford.
    • Handle: RePEc:nuf:econwp:2000-w10
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    Keywords

    WORKERS' REPRESENTATION ; LABOUR MARKET;

    JEL classification:

    • J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts

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