JOB SEARCH AND ASSET ACCUMULATION UNDER BORROWING CONSTRAINTS*
研究财富积累与求职动态的关系，发现借贷约束会强化财富对工作接受决策的影响，即初始财富越多、信贷额度越大，工资越高、失业期越长。
This article examines the relationship between wealth accumulation and job search dynamics. It proposes a model in which risk‐averse individuals search for jobs, save, and borrow to smooth their consumption. One motivation for accumulating wealth is to finance voluntary quits in order to search for better jobs. Using data on men from the National Longitudinal Survey (1979 cohort), I estimate the individual's dynamic decision problem. The results show that borrowing constraints are tight and reinforce the influence of wealth on job acceptance decisions, namely that more initial wealth and access to larger amounts of credit increase wages and unemployment duration.