Job mobility offers opportunities for workers to obtain wage increases, but returns to job changes differ considerably. We argue that parts of this inequality result from a trade-off between occupational and regional mobility. Both mobility types offer alternative strategies to improve one's...

This paper studies short-run wealth mobility in a heterogeneous agents, incomplete-markets model. Wealth mobility has a “hump-shaped” relationship with the persistence of the stochastic process governing labor income: low when shocks are close to i.i.d. or close to a random walk, and higher...