Job Selection and Wages over the Business Cycle
研究了在职搜寻模型，其中当前工资仅取决于当前总体劳动力市场条件和匹配特定生产率，发现过去劳动力市场条件对当前工资的解释力仅源于其与匹配质量的相关性。
We consider a model with on-the-job search where current wages depend only on current aggregate labor market conditions and idiosyncratic match-specific productivities. We show theoretically that the model replicates the findings in Bils (1985) and Beaudry and DiNardo (1991) on the history dependence in wages. We develop a method to measure match qualities in the data and show empirically that various variables summarizing past aggregate labor market conditions have explanatory power for current wages only because they are correlated with match qualities. They lose any predictive power once match qualities are accounted for.