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Learning and Wage Dynamics
Abstract
We develop a dynamic model of learning about worker ability in a competitive labor market. The model produces three testable implications regarding wage dynamics: (1) although the role of schooling in the labor market's inference process declines as performance observations accumulate, the estimated effect of schooling on the level of wages is independent of labor-market experience; (2) timeinvariant variables correlated with ability but unobserved by employers ( such as certain test scores) are increasingly correlated with wages as experience increases; and (3) wage residuals are a martingale. We present evidence from the NLSY that is broadly consistent with the model's predictions.
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Metadata
- Authors
- Farber, H. S., & Gibbons, R.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1996-11-01
- Volume
- 111
- Issue
- 4
- Pages
- 1007-1047
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2891161060
- Cited by
- 711
- References
- 0
- FWCI
- 27.18
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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