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- W3123762378 abstract "We develop a frictional model of the labor market with stochastic human capital accumulation and incomplete markets. The stochastic process for human capital may be heterogeneous across workers as well as depend on the rm type where the worker is employed. We establish nonparametric identication of the model, and estimate it using matched employer-employee data from Germany. We provide a decomposition of lifecycle inequality in earnings and consumption resulting from heterogeneity in ability, heterogeneity in the rate of human capital accumulation, search frictions (the random allocation of similar workers to dierent jobs) and the interaction of human capital and search friction (a worker’s history of job opportunities may dierentially aect her" @default.
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- W3123762378 date "2015-01-01" @default.
- W3123762378 modified "2023-09-23" @default.
- W3123762378 title "Labor Market Frictions, Human Capital Accumulation, and Consumption Inequality" @default.
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