is higher for firms, unskilled wages are pushed down. These forces lead to a non-ergodic equilibrium process for wage and …

In market economies identical workers appear to receive very different wages, violating the ‘law of one price’ of … economy to function. The paper analyses an environment in which firms post wages and workers may, at a small cost, observe one … or more of the posted wages, i.e. search, before deciding where to apply. Both with homogeneous and heterogeneous forms …

structural estimation to provide a decomposition of cross-employee wage variance. We find that the share of the cross …

. Structural estimation of our model on a 12-year panel of highly educated British workers shows that our simple framework produces …