| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP11572
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| DP11572 Earnings losses and labor mobility over the lifecycle |
| Moritz Kuhn; Philip Jung
|
| 发表日期 | 2016-10-14
|
| 出版年 | 2016
|
| 语种 | 英语
|
| 摘要 | Large and persistent earnings losses following displacement have adverse consequences for the individual worker and the macroeconomy. Leading models cannot explain their size and disagree on the sources. Two mean-reverting forces make earnings losses transitory in these models: search as an upward force allows workers to climb back up the job ladder; and separations as a downward force make non-displaced workers fall down the job ladder. We show that job stability at the top rather than search frictions at the bottom is the main driver of persistent earnings losses. We provide new empirical evidence on job stability and develop a life-cycle search model to explain the facts. Our model offers a quantitative reconciliation of key stylized facts of the U.S. labor market: large worker flows, a large share of stable jobs, and persistent earnings shocks. We explain the size of earnings losses by dampening the downward force. Regarding the sources, we find that over 85 % stem from the loss of a particularly good job at the top of the job ladder. We apply the model to study the effectiveness of two labor market policies, retraining and placement support, from the Dislocated Worker Program. We find that both are ineffective in reducing earnings losses in line with the program evaluation literature. |
| 主题 | Labour Economics
; Monetary Economics and Fluctuations
|
| 关键词 | Lifecycle labor market mobility
Job tenure
Earnings losses
Worker- and match-specific skills
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| URL | https://cepr.org/publications/dp11572
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| 来源智库 | Centre for Economic Policy Research (United Kingdom)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540386
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推荐引用方式
GB/T 7714 |
Moritz Kuhn,Philip Jung. DP11572 Earnings losses and labor mobility over the lifecycle. 2016.
|
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