Declining labor turnover and turbulence

• 成果类型: Article
• 署名作者: Fujita, Shigeru
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2017.12.005
• 发表日期: 2018
• 页码: 1-19
• 关键词: Job loss rate; job security; search and matching; turbulence

摘要

The rate of job loss has been on a secular decline for the last four decades or longer. Changes in demographics or industry composition do not account for the trend. This paper seeks to identify the possible sources of the decline using a simple search-and-matching model with two types of workers, experienced and inexperienced, where the former type faces a risk of skill loss during unemployment. The calibrated model suggests that a higher risk of skill loss during unemployment results in a lower job separation rate, because workers accept lower wages in exchange for job security. Various other potential hypotheses are also examined. (C) 2018 Elsevier B.V. All rights reserved.