Internal Labor Markets in Equilibrium
针对许多企业不优先内部晋升的现象，构建新模型解释其均衡成因，并用英国雇主-雇员数据验证了不同招聘策略下工资-任期差异的预测。
Traditional models of promotion have difficulty explaining why many firms do not favor internal employees for advancement. I develop a new model to explain this phenomenon. My model generates an equilibrium where some, but not all, ex ante identical firms recruit strictly internally. These firms employ higher quality entry-level workers, since they hire supervisors exclusively from their lower ranks. The scarcity of high-quality workers limits the use of this strategy. I derive several testable predictions on wage-tenure profile differences across firms with varying recruitment practices and confirm these predictions using matched employer–employee data from the United Kingdom.