Job Turnover and the Returns to Seniority
利用法国两百万工人和约一百万企业的二十年面板数据，同时估计工资和就业持续时间过程，在控制工作匹配后，发现资历回报接近于零。
In this paper, we match firm data to individual work history files in order to simultaneously estimate the wage and employment duration processes of a longitudinal sample of two million French workers employed in roughly one million firms and followed over twenty years. The particular structure of the data set allows us to distinguish between the impact of job search and labor demand indicators on wages and employment at the job level. The model allows for correlated individual and job unobserved heterogeneity. Controlling for job matching, we find that returns to seniority are close to zero