This paper presents a model in which firms recruit both unemployed and employed workers by posting vacancies. Firms act monopsonistically and set wages to retain their existing workers as well as to attract new ones. The model differs from Burdett and Mortensen (1998) in that its assumptions...

We study the impact of a minimum wage in a segmented labor market in which workers are at different stages of their careers. At the end of a learning-by-doing period, workers paid the minimum wage quit “bad jobs” for better-paying “good jobs”, following an on-the-job search process with...

El supuesto de que los individuos sólo buscan trabajo cuando están desempleados no es muy realista. Ningún trabajador racional espera indefinidamente a encontrar el mejor de todos los empleos disponibles y, por tanto, en algunas ocasiones los ocupados también tienen incentivos para buscar....