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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
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.
Cite this item
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.
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
- J63 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Turnover; Vacancies; Layoffs
Keywords: On-the-job search ; Business cycles ; Labor flows ; Time use
This item with handle RePEc:fip:fedgfe:2017-25
is also listed on EconPapers
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