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This paper suggests that in the US context, workers tend to invest in general human capital especially since they face little employment protection and low unemployment benefits, while the European model (generous benefits and higher duration of jobs) favors specific human capital investments....
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labor market states. In steady-state, we hence have a theory of equilibrium unemployment determined by both matching … labor force and rises the share of attached workers. Finally, our theory suggests that contrary to two-state models …
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labor market states. In steady-state, we hence have a theory of equilibrium unemployment determined by both matching … labor force and rises the share of attached workers. Finally, our theory suggests that contrary to two-state models …
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