I study how initial wealth affects lifetime earnings inequality when labor markets are frictional. To do this, I construct a model life-cycle model with search frictions, incomplete markets, and endogenous human capital accumulation. In the model, incomplete markets prevent low-wealth workers from smoothing consumption, causing them to accept low pay jobs while unemployed. In anticipation, they build savings instead of human capital while employed. This amplifies the importance of initial wealth for life-cycle inequality. Using this model, I find that differences in initial wealth cause larger differences in lifetime earnings than either initial human capital or ability.

中文翻译：

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搜索和生命周期不平等的根源

我研究了当劳动力市场存在摩擦时初始财富如何影响终生收入不平等。为此，我构建了一个包含搜索摩擦、不完全市场和内生人力资本积累的模型生命周期模型。在该模型中，不完整的市场阻止低收入工人平滑消费，导致他们在失业时接受低薪工作。在预期中，他们在就业时建立储蓄而不是人力资本。这放大了初始财富对生命周期不平等的重要性。使用这个模型，我发现初始财富的差异导致终生收入的差异比初始人力资本或能力更大。