Consider a labor market in which firms want to insure existing employees against income fluctuations and …, simultaneously, want to recruit new employees to fill vacant jobs. Firms can commit to a wage policy, i.e. a policy that specifies … the wage paid to their employees as a function of tenure, productivity and other observables. However, firms cannot commit …

We consider a frictional labor market in which firms want to insure their senior employees against income fluctuations … and, at the same time, want to recruit new employees to fill their vacant positions. Firms can commit to a wage schedule …, i.e. a schedule that specifies the wage paid by the firm to its employees as function of their tenure and other …

Consider a labor market in which firms want to insure existing employees against income fluctuations and …, simultaneously, want to recruit new employees to fill vacant jobs. Firms can commit to a wage policy, i.e. a policy that specifies … the wage paid to their employees as a function of tenure, productivity and other observables. However, firms cannot commit …