Abstract
This paper investigates labor market dynamics from 1990 to 2023 using the McCall dynamic programming search model, offering insights into individual decision-making, economic conditions, and policy implications. Convergence trends in wage predictions underscore the model's reliability, highlighting its utility for predicting wage outcomes over time. The policy implications emphasize the importance of balancing the duration of unemployment and the considerations of the wage level in policy design. In light of the analysis, policymakers and employers should consider the trade-offs between unemployment duration and wage level when designing policies and compensation practices. The insights provide guidance for policymakers, employers, and job seekers in navigating the complexities of the job market.
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