Unlocking Labor Market Dynamics: How Search Models Shape Job Turnover
The article explores different models of how people find jobs and how wages are determined in the labor market. By studying these models, researchers can better understand job turnover, wage differences, and overall efficiency in the job market. They look at models with one person searching for a job, as well as models where many people and companies interact to find the right match. The researchers found that the assumptions made in these models can have a big impact on how quickly people change jobs, how much wages vary, and how well the job market works.