Searching for Job Security and the Consequences of Job Loss
构建了一个包含失业风险差异和在职搜寻的劳动力市场模型，利用德国社会保障数据估计，发现失业疤痕主要由工作保障损失及其与人力资本演变的相互作用驱动。
Job loss comes with large present value earnings losses which elude workhorse models of unemployment and labor market policy. I propose a parsimonious model of a frictional labor market in which jobs differ in terms of unemployment risk and workers search off‐ and on‐the‐job. This gives rise to a job ladder with slippery bottom rungs where unemployment spells beget unemployment spells. I allow for human capital to respond to time spent out of work and estimate the framework on German Social Security data. The model captures the joint response of wages, employment, and unemployment risk to job loss which I measure empirically. The key driver of the “unemployment scar” is the loss in job security and its interaction with the evolution of human capital and, in particular, the search for better employment.