EFFICIENT LEARNING AND JOB TURNOVER IN THE LABOR MARKET
将Jovanovic的连续时间学习模型嵌入定向在职搜索框架，证明社会有效配置是可分离的，并刻画了工作转换的动态特征。
This article nests a continuous‐time learning model la Jovanovic ( Journal of Political Economy 92 (1984), 108–22) into a directed on‐the‐job search framework. We prove that the socially efficient allocation is separable, that is, the workers' value functions and optimal controls are independent of both the distribution of workers across their current match qualities and the unemployment rate. We characterize the dynamics of job transitions in the efficient allocation. Furthermore, when the matching technology is linear, our numerical results show that increasing the vacancy creation cost and the speed of learning have ambiguous effects on the unemployment rate and aggregate job transition.