MEASURING HUMAN CAPITAL AND ITS EFFECTS ON WAGE GROWTH
用更灵活的工资方程，允许过去就业信息影响起薪，并内生化劳动力流动决策，通过比较反事实职业路径，揭示人力资本积累模式对工资增长的影响。
Abstract Ever since Mincer, years of labour market experience were used to approximate individual's general human capital, while years of seniority were used to approximate job‐specific human capital. This specification is restrictive because it assumes that starting wages at a new job depend only on job market experience. In this paper, I investigate the effects of human capital on wage growth by using a more flexible specification of the wage equation, which allows for a rich set of information on past employment spells to affect the starting wages. In addition, I endogenize the labour mobility decision. In order to illuminate the effects of human capital accumulation patterns on wage growth, I compare counterfactual career paths for representative individuals.