The Distribution of Earnings in an Equilibrium Search Model with State‐Dependent Offers and Counteroffers*
构建了一个包含在职搜索的均衡模型，企业实施最优工资策略，员工可能接受降薪以换取未来更高工资前景，生产率差异内生生成并导致薄尾工资分布。
We construct an equilibrium job search model with on‐the‐job search in which firms implement optimal‐wage strategies under full information in the sense that they leave no rent to their employees and counter the offers received by their employees from competing firms. Productivity dispersion across firms results in wage mobility both within and across firms. Workers may accept wage cuts to move to firms offering higher future wage prospects. Equilibrium productivity dispersion across ex ante homogeneous firms can be endogenously generated. Productivity dispersion then generates a nontrivial wage distribution which is generically thin‐tailed, as typically observed in the data.