in firm profit increases but not decreases. Although firms were fairly adept at predicting the profit-maximizing wage …

, employer heterogeneity and individual-level shocks. Career wage growth is decomposed into the contributions of human capital … capital accumulation and job search contribute to the observed concavity of wage-experience profiles. The contribution from … job search to wage growth, both within- and between-job, declines over the first ten years of a career - the 'job …

occasionally renegotiated. We argue that one source of the wage flexibility puzzles is plausibly the model for the determination of … reservation wages, and consider an alternative reservation wage model based on reference dependence in job search. This extension …

firms at various distances and the remainder to a match-specific wage component that workers and firms bargain over. …