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| Author: | Brunello, G. |
| Title: | Equilibrium unemployment and internal markets |
| Journal: | Economica
1996 : FEB, VOL. 63:249, p. 19-36 |
| Index terms: | UNEMPLOYMENT |
| Language: | eng |
| Abstract: | The flow approach to the labour market is based on a clear distinction between trade and production. This paper argues that this separation is not realistic because many firms in developed economies usually fill an important share of their vacancies by upgrading incumbent employees. The implications of the existence of internal labour markets are explored with the help of a simple model that extends the well known Pissarides setup. The main result is that the distribution of unemployment by education is correlated with the relative importance of internal labour markets. |
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