The Cost of Job Loss
构建了一个包含在职搜寻、风险规避工人通过干中学积累人力资本且失业时技能退化的均衡理论，利用德国数据估计模型参数，发现失业后工资和收入大幅持续下降，其中人力资本积累的损失是失业的主要成本。
Abstract This article identifies an equilibrium theory of wage formation and endogenous quit turnover in a labour market with on-the-job search, where risk averse workers accumulate human capital through learning-by-doing and lose skills while unemployed. Optimal contracting implies the wage paid increases with experience and tenure. Indirect inference using German data determines the deep parameters of the model. The estimated model not only reproduces the large and persistent fall in wages and earnings following job loss, a new structural decomposition finds foregone human capital accumulation (while unemployed) is the worker’s major cost of job loss.