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Working Paper
Dynamic Labor Reallocation with Heterogeneous Skills and Uninsured Idiosyncratic Risk
Faia, Ester; Shabalina, Ekaterina; Kudlyak, Marianna (2021-06-10)
Occupational specificity of human capital motivates an important role of occupationalreallocation for the economy’s response to shocks and for the dynamics of inequality.We introduce occupational mobility, through a random choice model with dynamicvalue function optimization, into a multi-sector/multi-occupation Bewley (1980)-Aiyagari (1994) model with heterogeneous income risk, liquid and illiquid assets, priceadjustment costs, and in which households differ by their occupation-specific skills.Labor income is a combination of endogenous occupational wages and idiosyncraticshock. ...
Working Paper Series , Paper 2021-16

Working Paper
Costly Commuting and the Job Ladder
Flemming, Jean (2020-03-27)
Even though workers in the UK spent just 1,000 pounds on commuting in 2017, the economic loss may be far higher because of the congestion externality arising from the way in which one worker's commute affects the commuting time of others. I provide empirical evidence that commuting time affects job acceptance, pointing to large indirect costs of congestion. To interpret the empirical facts and quantify the costs of congestion, I build a model featuring a frictional labor market within a metropolitan area. By endogenizing commuting congestion in a labor search model, the model connects labor ...
Finance and Economics Discussion Series , Paper 2020-025

Working Paper
What makes a job better? Survey evidence from job changers
Lim, Katherine; Zabek, Mike (2024-02-02)
Changes in pay and benefits alone incorrectly predict self-assessed changes in overall job quality 30 percent of the time, according to survey evidence from job changers. Job changers also place more emphasis on their interest in their work than they do on pay and benefits in evaluating whether their new job is better. Parents particularly emphasize work-life balance, and we find some indications that mothers value it more than fathers. Improvements in pay are highly correlated with improvements in other amenities for workers with less education but not for workers with a bachelor's degree or ...
Finance and Economics Discussion Series , Paper 2024-004

Working Paper
Explaining Intergenerational Mobility: The Role of Fertility and Family Transfers
Kozlowski, Julian; Daruich, Diego (2016-11-16)
Poor families have more children and transfer less resources to them. This suggests that family decisions about fertility and transfers dampen intergenerational mobility. To evaluate the quantitative importance of this mechanism, we extend the standard heterogeneous agent life cycle model with earnings risk and credit constraints to allow for endogenous fertility, family transfers, and education. The model, estimated to the US in the 2000s, implies that a counterfactual flat income-fertility profile would-through the equalization of initial conditions-increase intergenerational mobility by ...
Working Papers , Paper 2018-011

Working Paper
Measuring Intergenerational Income Mobility: A Synthesis of Approaches
Deutscher, Nathan; Mazumder, Bhashkar (2021-06-21)
The literature on intergenerational income mobility uses a diverse set of measures and there is limited knowledge about whether these measures provide similar information and yield similar conclusions. We provide a framework to highlight the key concepts and properties of the different estimators. We then show how these measures relate to one another empirically. Our main analysis uses income tax data from Australia to produce a comprehensive set of empirical estimates for each of 19 different mobility measures at both the national and regional level. We supplement this analysis with other ...
Working Paper Series , Paper WP-2021-09

Working Paper
Labor Market Shocks and Monetary Policy
Birinci, Serdar; Karahan, Fatih; Mercan, Yusuf; See, Kurt (2023-09)
We develop a heterogeneous agent New Keynesian model featuring a frictional labor market with on-the-job search to quantitatively study the positive and normative implications of employer-to-employer (EE) transitions for inflation. We find that EE dynamics played an important role in shaping the differential inflation dynamics observed during the Great Recession and the COVID-19 recoveries, with the former exhibiting subdued EE transitions and inflation despite both episodes sharing similar unemployment dynamics. The optimal monetary policy prescribes a strong positive response to EE ...
Working Papers , Paper 2022-016

Working Paper
Changing Stability in U.S. Employment Relationships: A Tale of Two Tails
Molloy, Raven S.; Wozniak, Abigail; Smith, Christopher L. (2020-02-20)
We confront two seemingly-contradictory observations about the US labor market: the rate at which workers change employers has declined since the 1980s, yet there is a commonly expressed view that long-term employment relationships are more difficult to attain. We reconcile these observations by examining how the distribution of employment tenure has changed in aggregate and for various demographic groups. We show that the fraction of workers with short tenure (less than a year) has been falling since the 1980s, consistent with the decline in job changing. Meanwhile, the fraction of workers ...
Finance and Economics Discussion Series , Paper 2020-017

Working Paper
International trade and labor reallocation: misclassification errors, mobility, and switching costs
Dvorkin, Maximiliano (2022-08-12)
Over the last few decades, international trade has increased at a rapid pace, altering domestic production and labor demand in different sectors of the economy. A growing literature studies the heterogeneous effects of trade shocks on workers’ employment and on welfare when reallocation decisions are costly. The estimated effects critically depend on data on workers’ reallocation patterns, which is typically plagued with coding errors. In this paper, I study the consequences of misclassification errors for estimates of the labor market effects of international trade and show that ...
Working Papers , Paper 2021-014

Working Paper
International trade and labor reallocation: misclassification errors, mobility, and switching costs
Dvorkin, Maximiliano (2021-12-03)
Over the last few decades, international trade has increased at a rapid pace, altering domestic production and labor demand in different sectors of the economy. A growing literature has studied the heterogeneous effects of trade shocks on workers’ industry and occupation employment and on welfare when reallocation decisions are costly. The estimated effects critically depend on data on workers’ reallocation patterns, which is typically plagued with coding errors. In this paper, I study the consequences of misclassification errors for estimates of the labor market effects of international ...
Working Papers , Paper 2021-014

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