Human Capital and Unemployment Dynamics: Why More Educated Workers Enjoy Greater Employment Stability
研究发现受教育程度更高的工人失业率和就业波动更低，主要原因是其离职率更低且波动更小。通过搜索匹配模型，论证了在职培训与正规教育的互补性，以及匹配特定人力资本投资如何降低工人离职倾向，从而延长工作任期。
Abstract. Why do more educated workers experience lower unemployment rates and lower employment volatility? A closer look at the data reveals that these workers have similar job finding rates, but much lower and less volatile separation rates than their less educated colleagues. We argue that on-the-job training, being complementary to formal education, is the reason for this pattern. Using a search and matching model with endogenous separations, we show that investments in match-specific human capital reduce the outside option of workers, implying less incentives to separate and thus longer job spells. The model generates unemployment dynamics that are consistent with the observed patterns for unemployment, separation and job finding rates across education groups.