Long‐Term Wage Fluctuations with Industry‐Specific Human Capital
利用行业需求长期变化的数据，发现行业工资不随需求变动，年轻工人就业比有经验工人更敏感，且失业后工资受原行业需求影响，支持行业特定技能阻碍劳动力流动的理论。
Exploiting long term interindustry demand shifts, this article provides evidence that (1) industry-level wages do not respond to industry demand conditions; (2) at the industry level, the employment of young workers responds more to demand shifts than does the employment of experienced workers; and (3) the postdisplacement wages of displaced workers are strongly affected by demand in their predisplacement industries. These findings are consistent with a model in which worker's investments in industry-specific skills pose a barrier to interindustry labor mobility and wages do not respond to spot labor market conditions. Copyright 2001 by University of Chicago Press.