The cyclicality of job-to-job transitions and its implications for aggregate productivity
This paper analyzes the job-to-job transitions of workers in the United States. I propose a new method of correcting the time-aggregation bias. The bias-corrected series from 1996 to 2011 reveals a procyclical pattern of job-to-job transition and a large decline since the beginning of the 2000s. I construct a model of on-the-job search and explore the implications of this phenomenon. The calibrated model shows that the decline in the reallocation of workers through job-to-job transitions has had a substantial effct on total factor productivity (TFP). From 2009 to 2011, the model accounts for about 0.5%-0.7% annual decline in TFP.
Year of publication: |
2013
|
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Authors: | Mukoyama, Toshihiko |
Institutions: | Federal Reserve Board (Board of Governors of the Federal Reserve System) |
Saved in:
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