Cabrales, AntonioHopenhayn, Hugo AndrésUniversitat Pompeu Fabra. Departament d'Economia i Empresa2017-07-262017-07-261998-01-01http://hdl.handle.net/10230/1051We generalize the Mortensen-Pissarides (1994) model of the labor market with a more realistic structure for the stochastic process of the shocks to the worker-firm match. In this way we can acommodate the empirical observation that hazard rates of job termination decrease and average wages increase with job tenure. Besides being able to fit better some observables of the model, the changes we introduce are nontrivial for the analysis of policies as well.application/pdfengL'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commonsinfo:eu-repo/semantics/workingPaperlayoff costssearchlayoff hazard rateswage-tenure relationshipMicroeconomicsinfo:eu-repo/semantics/openAccess