On-the-job wage dynamics
在搜索匹配框架下评估工资设定与动态，考虑多边相遇、工人可回忆先前接触及双方无法承诺未来行为，解释了工资随任期增长、工资变化序列相关及初始工资与工资增长负相关等难以调和的观察。
This paper assesses wage setting and wage dynamics in a search and matching framework where (i) workers and firms on occasion can meet multilaterally; (ii) workers can recall previous encounters with firms; and (iii) firms cannot commit to future wages and workers cannot commit to not searching in the future. The resulting progression of wages (from firms paying just enough to keep their workers) yields a compensation structure consistent with well established but difficult to reconcile observations on pay dynamics within jobs at firms. Along with wage tenure effects, serial correlation in wage changes and wage growth are negatively correlated with initial wages.