Quantifying the Contribution of Search to Wage Inequality
研究发现三分之一的职业转换导致工资损失，其中60%是向下流动。通过模型校准，仅13.7%的工资不平等归因于搜索摩擦，远低于以往估计。
We empirically establish that one-third of job transitions leads to wage losses. Using a quantitative on-the-job search model, we find that 60 percent of them are movements down the job ladder. Accounting for them, our baseline calibration matches the large residual wage inequality in US data while attributing only 13.7 percent of overall wage inequality to the presence of search frictions in the labor market. We can trace the difference between ours and previous much higher estimates to our explicit modeling of nonvalue improving job-to-job transitions.