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The Great Recession, which was preceded by the financial crisis, resulted in higher unemployment and inequality. We …, tighter credit leads to lower output, lower number of vacancies, and higher directed-search unemployment. Where workers are …
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The paper studies human capital accumulation over workers' careers in an on the job search setting with heterogenous firms. In renegotiation proof employment con- tracts, more productive firms provide more training. Both general and specific training induce higher wages within jobs, and with...
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