Returns to Labour Mobility

• 成果类型: Article; Early Access
• 署名作者: Baley, Isaac; Ljungqvist, Lars; Sargent, Thomas J.
• 署名单位: Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI); Centre for Economic Policy Research - UK; Stockholm School of Economics; New York University
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/ueae054
• 发表日期: 2024
• 关键词: european unemployment; search

摘要

Returns to labour mobility have too often escaped the attention they deserve as conduits of important forces in macro-labour models. These returns are shaped by calibrations of productivity processes that use theoretical perspectives and data sources from (i) labour economics and (ii) industrial organisation. By investigating earlier prominent studies, we conclude that the focus on firm size dynamics and shocks intermediated through neo-classical production functions in (ii) yields large returns to labour mobility that are robust to parameter perturbations. In contrast, the reliance on statistics in labour economics to calibrate per-worker productivity processes in (i) can give rise to fragilities in the sense that parameter perturbations that generate similar targeted statistics can have very different implications for returns to labour mobility.