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PAPER CONSIDERS A MODEL OF EARNINGS OVER TIME WHICH INCORPORATES INDIVIDUAL EFFECTS AND TIME EFFECTS WITHOUT ASSUMING THAT THESE EFFECTS ARE ORTHOGONAL TO THE VARIABLE OF PRIMARY INTEREST. THE CENTRAL COEFFICIENT IS THE EFFECT OF PARTICIPATION IN A MANPOWER DEVELOPMENT AND TRAINING ACT TRAINING PROGRAM ON THE EARNINGS OF TRAINEES.

Frontmatter -- Contents -- Preface -- Chapter One Introduction -- Chapter Two Components of a Dynamic Programming Model -- Chapter Three Discrete States and Controls -- Chapter Four Likelihood Functions for Discrete State/Control Models -- Chapter Five Random Utility Models -- Chapter Six Continuous States, Discrete Controls -- Chapter Seven Econometric Framework for the Search Model -- Chapter Eight Exact Distribution Theory for the Job Search Model -- Chapter Nine Measurement Error in the Prototypal Job Search Model -- Chapter Ten Asset Markets -- Chapter Eleven Financial Options -- Chapter Twelve Retirement -- Chapter Thirteen Continuous States and Controls -- Chapter Fourteen Continuous-Time Models -- Chapter Fifteen Microeconomic Applications -- Chapter Sixteen Macroeconomic Applications -- Chapter Seventeen Finance Application: Futures Hedging -- Chapter Eighteen Intertemporal Asset Pricing -- Chapter Nineteen Dynamic Equilibrium: The Search Model -- Chapter Twenty Dynamic Equilibrium: Search Equilibrium Extensions -- Appendix Brief Review of Statistical Theory -- References -- Index

Presenting a complete survey of labor economics from the search point of view, this is the first book to coordinate a vast and scattered literature, making an increasingly important and sophisticated area in modern applied economics readily accessible. Completely comprehensive, Empirical Labor Economics covers not only sequential and random search, but all stochastic models of the labor market, and treats underlying economic theory and econometric methods as needed. It examines structural search models, studies directed at particular policy questions--such as the effect of unemployment benefit.