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Board of Governors of the Federal Reserve System (US)
Finance and Economics Discussion Series
Precautionary On-the-Job Search over the Business Cycle
Hie Joo Ahn
Ling Shao
Abstract

This paper provides new evidence for cyclicality in the job-search effort of employed workers, on-the-job search (OJS) intensity, in the United States using American Time Use Survey and various cyclical indicators. We find that OJS intensity is countercyclical along both the extensive and intensive margins, with the countercyclicality of extensive margin stronger than the other. An increase in the layoffs rate and the deterioration in expectations about future personal financial situation are the primary factors that raise OJS intensity. Our findings suggest that the precautionary motive in the job search is a crucial driver of the countercyclicality in OJS intensity.


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Hie Joo Ahn & Ling Shao, Precautionary On-the-Job Search over the Business Cycle, Board of Governors of the Federal Reserve System (US), Finance and Economics Discussion Series 2017-025, 24 Feb 2017.
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Keywords: On-the-job search ; Business cycles ; Labor flows ; Time use
DOI: 10.17016/FEDS.2017.025
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