Suchergebnisse

We empirically establish that one-third of job transitions leads to wagelosses. Using a quantitative on-the-job search model, we find that60 percent of them are movements down the job ladder. Accountingfor them, our baseline calibration matches the large residual wageinequality in US data while attributing only 13.7 percent of overallwage inequality to the presence of search frictions in the labormarket. We can trace the difference between ours and previous muchhigher estimates to our explicit modeling of nonvalue improvingjob-to-job transitions ; This research has received funding from the European Research Council under the European Union's Seventh Framework Programme (FTP/2007–2013)/ERC Grant agreement no. 282740. Both authors gratefully acknowledge support from the Deutsche Forschungsgemeinschaft (DFG) through the Bonn Graduate School of Economics

Worker churn is procyclical in the German labor market. We study the plant-level connection of churn and employment growth using the new Administrative Wage and Labor Market Flow Panel from 1975 to 2014. Churn is V-shaped in employment growth. Through analyzing this pattern by worker skill, age, and tenure, we establish that churn is unlikely to result from plant reorganization but rather from uncertainty about match quality. In a dynamic labor demand framework with a time-to-hire friction, churn can be interpreted as a manifestation of idiosyncratically stochastic separation shocks. These shocks become larger and more predictable during booms, leading to procyclical churn. ; The research leading to these results has received funding from the European Research Council under the European Union's Seventh Framework Programme (FTP/2007-2013) / ERC Grant agreement no. 282740. Felix Wellschmied gratefully acknowledges support from the Spanish Ministry of Economics through research grants ECO2014-56384-P, MDM 2014-0431, and Comunidad de Madrid MadEco-CM (S2015/HUM-3444). Heiko Stüber gratefully acknowledge support from the German Research Foundation (DFG) under priority program "The German Labor Market in a Globalized World" (SPP 1764). Christian Merkl gratefully acknowledge support from SPP 1764 and the Hans Frisch Stiftung.