A THEORY OF TURNOVER AND WAGE DYNAMICS
构建了一个包含保险、岗位特定生产率和长期合同的离职与工资动态模型，预测工资在企业内向下刚性但解雇时可下降，并用于研究商业周期对后续工资和职业流动的影响。
We develop a model of turnover and wage dynamics with insurance, match‐specific productivity, and long‐term contracting. The model predicts that wages are downward rigid within firms but can decrease when workers are fired. We apply the model to study the impact of business cycles on subsequent wages and job mobility. Workers hired during a boom have persistent higher future wages if staying with the same firm. However, these boom hires are more likely to be terminated and have shorter employment spells.