TY  - RPRT
        AU  - Carrillo-Tudela, Carlos
AU  - Smith, Eric
        TI  - Search Capital
        PY  - 2012/Feb/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 6366
        UR  - https://www.iza.org/publications/dp6366
        AB  - We construct a simple equilibrium search model in which workers accumulate information about previously met employment contacts. We term the latter search capital. Here search capital (partially) insures workers against adverse shocks. The model provides a theory of job-to-job transitions that are associated with voluntary or involuntary mobility and with wage rises or wage cuts. It also shows why low wage and younger workers are associated with a higher probability of becoming unemployed.
        KW  - turnover
KW  - search capital
KW  - wage cuts
        ER  -