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What do data on millions of US workers reveal about life-cycle earnings risk?
Guvenen, Fatih; Karahan, Fatih; Ozkan, Serdar; Song, Jae - 2015
We study the evolution of individual labor earnings over the life cycle, using a large panel data set of earnings histories drawn from U.S. administrative records. Using fully nonparametric methods, our analysis reaches two broad conclusions. First, earnings shocks display substantial deviations...
Persistent link: https://www.econbiz.de/10010482953
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Is increased price flexibility stabilizing? : redux
Bhattarai, Saroj; Eggertsson, Gauti B.; Schoenle, Raphael - 2012
We study the implications of increased price flexibility on aggregate output volatility in a dynamic stochastic general equilibrium (DSGE) model. First, using a simplified version of the model, we show analytically that the results depend on the shocks driving the economy and the systematic...
Persistent link: https://www.econbiz.de/10009521652
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Job search behavior over the business cycle
Mukoyama, Toshihiko; Patterson, Christina; Sahin, Aysegül - 2014
We create a novel measure of job search effort starting in 1994 by exploiting the overlap between the Current Population Survey and the American Time Use Survey. We examine the cyclical behavior of aggregate job search effort using time series and cross-state variation and find that it is...
Persistent link: https://www.econbiz.de/10010404530
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Early contract renegotiation : an analysis of US labor contracts form 1970 to 1995
Rich, Robert W.; Tracy, Joseph S. - 2011
This paper examines the ex post flexibility of U.S. labor contracts during the 1970-95 period by investigating whether unanticipated changes in inflation increase the likelihood of a contract being renegotiated prior to its expiration. We find strong empirical support for this hypothesis....
Persistent link: https://www.econbiz.de/10009349611
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Anatomy of lifetime earnings inequality : heterogeneity in job ladder risk vs. human capital
Karahan, Fatih; Ozkan, Serdar; Song, Jae - 2019
We study the determinants of lifetime earnings (LE) inequality in the United States, for which differences in lifetime earnings growth are key. Using administrative data and focusing on the roles of job ladder dynamics and on-the-job learning, we document that 1) lower LE workers change jobs...
Persistent link: https://www.econbiz.de/10012137632
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Labor supply heterogeneity and macroeconomic comovement
Eusepi, Stefano; Preston, Bruce - 2009
Standard real business cycle models must rely on total factor productivity (TFP) shocks to explain the observed comovement of consumption, investment, and hours worked. This paper shows that a neoclassical model consistent with observed heterogeneity in labor supply and consumption can generate...
Persistent link: https://www.econbiz.de/10003947787
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Working hard in the wrong place : a mismatch-based explanation to the UK productivity puzzle
Patterson, Christina; Şahin, Ayşegül; Topa, Giorgio; … - 2016
The UK experienced an unusually prolonged stagnation in labor productivity in the aftermath of the Great Recession. This paper analyzes the role of sectoral labor misallocation in accounting for this "productivity puzzle". If jobseekers disproportionately search for jobs in sectors where...
Persistent link: https://www.econbiz.de/10011411329
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The unemployment-inflation trade-off revisited : the Phillips curve in COVID times
Crump, Richard K.; Eusepi, Stefano; Giannoni, Marc Paolo; … - 2024
Using a New Keynesian Phillips curve, we document the rapid and persistent increase in the natural rate of unemployment, 𝑢𝑡 ∗ , in the aftermath of the pandemic and characterize its implications for inflation dynamics. While the bulk of the inflation surge is attributed to temporary...
Persistent link: https://www.econbiz.de/10014501075
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US wage and price dynamics : a limited information approach
Sbordone, Argia M. (contributor) - 2006
Persistent link: https://www.econbiz.de/10003382990
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A measure of core wage inflation
Almuzara, Martin; Audoly, Richard; Melcangi, Davide - 2024 - Revised January 2024
We recover the persistent ("core") component of nominal wage growth over the past twenty-five years in the United … of wage inflation from the persistence specific to some subgroup of workers, such as workers in a specific industry. We … find that most of the business cycle fluctuations in wage inflation are persistent and driven by a common factor. This …
Persistent link: https://www.econbiz.de/10014313997