Labor-Force Heterogeneity and Asset Prices: the Importance of Skilled Labor
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We introduce labor-force heterogeneity in a neoclassical investment model. In the baseline model, we highlight the fact that labor adjustment costs are higher for high skilled workers than for low skilled workers. The model predicts that the negative hiring-expected return relation should be steeper
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美国国家经济研究局创建时间：
2015-08-01
