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Waiting for Work


George A. Akerlof


University of California, Berkeley; National Bureau of Economic Research (NBER)

Andrew K. Rose


University of California - Haas School of Business; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

Janet L. Yellen


University of California, Berkeley - Economic Analysis & Policy Group
June 1990

NBER Working Paper No. 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.

Number of Pages in PDF File: 42

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Date posted: July 4, 2004  

Suggested Citation

Akerlof, George A., Rose, Andrew K. and Yellen, Janet L., Waiting for Work (June 1990). NBER Working Paper No. w3385. Available at SSRN: http://ssrn.com/abstract=306401

Contact Information

George A. Akerlof (Contact Author)
University of California, Berkeley ( email )
Department of Economics 549 Evans Hall #3880
Berkeley, CA 94720
United States
510-642-0822 (Phone)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Andrew K. Rose
University of California - Haas School of Business ( email )
Berkeley, CA 94720
United States
510-642-6609 (Phone)
510-642-4700 (Fax)
HOME PAGE: http://faculty.haas.berkeley.edu/arose
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
Janet L. Yellen
University of California, Berkeley - Economic Analysis & Policy Group ( email )
Berkeley, CA 94720
United States
510.643.1397 (Phone)
510.643.1420 (Fax)
Feedback to SSRN (Beta)


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