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Keywords:job mobility 

Working Paper
Heterogeneous Responses to Job Mobility Shocks in a HANK Model with a Frictional Labor Market

Working Papers , Paper 2024-001

Working Paper
Labor Market Shocks and Monetary Policy

We develop a heterogeneous-agent New Keynesian model featuring a frictional labor market with on-the-job search to quantitatively study the role of worker flows in inflation dynamics and monetary policy. Motivated by our empirical finding that the historical negative correlation between the unemployment rate and the employer-to-employer (EE) transition rate up to the Great Recession disappeared during the recovery, we use the model to quantify the effect of EE transitions on inflation in this period. We find that the four-quarter inflation rate would have been 0.6 percentage points higher ...
Working Papers , Paper 2022-016

Working Paper
Job Displacement and Job Mobility: The Role of Joblessness

Who is harmed by and who benefits from worker reallocation? We investigate the earnings consequences of changing jobs and find a wide dispersion in outcomes. This dispersion is driven not by whether the worker was displaced, but by the duration of joblessness between job spells. Job movers who experience joblessness suffer a persistent reduction in earnings and tend to move to lower-paying firms, suggesting that job ladder models offer a useful lens through which to understand the negative consequences of job separations.
Working Papers , Paper 19-27R

Working Paper
Labor Market Shocks and Monetary Policy

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

Discussion Paper
Searching for Higher Job Satisfaction

Job-to-job transitions—those job moves that occur without an intervening spell of unemployment—have been discussed in the literature as a driver of wage growth. Economists typically describe the labor market as a “job ladder” that workers climb by moving to jobs with higher pay, stronger wage growth, and better benefits. It is important, however, that these transitions not be interspersed with periods of unemployment, both because such downtime could lead to a loss in accumulated human capital and because “on-the-job search” is more effective than searching while unemployed. Yet ...
Liberty Street Economics , Paper 20200304c

Job Mobility Patterns and Lifetime Earnings Disparities among Male Workers

Examining long-term wage growth of male workers, an analysis finds that job mobility can provide insights into the disparities in lifetime earnings distribution.
On the Economy

Journal Article
Job Mobility During and After the Pandemic

n the past few years, job changing in the United States — workers leaving their current employers for new ones — seems to have been on the rise. This development, often called the "Great Resignation," has attracted much attention, but the reasons behind it are far from clear. Is it the result of health and safety concerns causing workers to pull away from the workforce, or of workers reappraising their work-life balance? Or is it, perhaps, the rippling effects of the move toward remote work? It is even possible, as some have argued, that the Great Resignation is not so great after all and ...
Econ Focus , Volume 22 , Issue 4Q , Pages 4-6

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