Interfirm Mobility, Wages and the Returns to Seniority and Experience in the United States
利用PSID数据重新估计美国工龄的工资回报，发现各教育群体的工龄回报均高于以往文献结果，并考虑了就业流动决策的影响。
In this paper, we expand on the seminal work of <cross-ref type="bib" refid="R4">Altonji and Shakotko (1987)</cross-ref> and <cross-ref type="bib" refid="R38">Topel (1991)</cross-ref> and reinvestigate the returns to seniority in the United States. We begin with the same wage equation as in previous studies. We extend the model of <cross-ref type="bib" refid="R25">Hyslop (1999)</cross-ref> and explicitly model the participation/employment and inter-firm mobility decisions, which, in turn, define the individual's experience and seniority. We introduce into the wage equation a summary of the workers' entire career path. The three-equation system is estimated simultaneously using data from the Panel Study of Income Dynamics (PSID). We find that for each of the three education groups studied the returns to seniority are larger than those previously found in the literature.