Job-to-Job Mobility and Inflation

• 成果类型: Article
• 署名作者: Faccini, Renato; Melosi, Leonardo
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Chicago; Centre for Economic Policy Research - UK
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_01312
• 发表日期: 2025-07
• 页码: 1027-1041
• 关键词: cyclical behavior; phillips-curve; unemployment; frictions; DYNAMICS

摘要

The low rate of inflation observed in the United States over the past decade is hard to reconcile with traditional measures of labor market slack. We develop a theory-based indicator of interfirm-wage competition that can explain the missing inflation. Key to this result is a drop in the rate of on-the-job search, which lowers the intensity of interfirm-wage competition to retain or hire workers. We estimate the on-the-job search rate from aggregate labor-market flows and show that its recent drop is corroborated by survey data. During the great resignation, interfirm-wage competition rose, increasing inflation by around 1 percentage point in 2021.