What S Up With U S Wage Growth And Job Mobility
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What S Up With U S Wage Growth And Job Mobility
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Author : Mr.Stephan Danninger
language : en
Publisher: International Monetary Fund
Release Date : 2016-06-28
What S Up With U S Wage Growth And Job Mobility written by Mr.Stephan Danninger and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-28 with Business & Economics categories.
Since the global financial crisis, US wage growth has been sluggish. Drawing on individual earnings data from the 2000–15 Current Population Survey, I find that the drawn-out cyclical labor market repair—likely owing to low entry wages of new workers—slowed down real wage growth. There are, however, also signs of structural changes in the labor market affecting wages: for full-time, full-employed workers, the Wage-Phillips curve—the empirical relationship between wage growth and the unemployment rate—has become horizontal after 2008. Similarly, job-turnover rates have continued to decline. Job-to-job transitions—associated with higher wage growth—have slowed across all skill and age groups and beyond what local labor market conditions would imply. This raises concerns about the allocative ability of the labor market to adjust to changing economic conditions.
Does Changing Jobs Pay Off The Relationship Between Job Mobility And Wages
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Author : Amanda Jeanette Huffman
language : en
Publisher:
Release Date : 2012
Does Changing Jobs Pay Off The Relationship Between Job Mobility And Wages written by Amanda Jeanette Huffman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Labor economics categories.
Recent academic studies reveal a pronounced trend of increasing income inequality in the United States. For those policymakers concerned with increasing income inequality, wage inequality is a logical policy focus. Wage inequality analyses often focus on demographic characteristics or education; however, a more subtle consideration is job mobility, i.e., the movement of an individual from job to job throughout his career. To the extent that particular job mobility patterns are associated with higher wages, unequal opportunity for workers either to make job changes or to remain in their current jobs can contribute to wage inequality in general. In this study, I focus on the relationship between job mobility and wages in order to understand which job mobility levels are associated with the highest wages for workers at different stages of their careers. Existing academic literature suggests that job mobility is associated with positive wage returns for workers early in their careers, but that the effect diminishes as workers gain experience and positive wage returns to job tenure grow stronger. These findings indicate that the relationships between job mobility, tenure, and wages may depend upon experience. Specifically, I hypothesize that high voluntary job mobility is associated with positive wage returns for low experience workers, while high tenure is associated with positive wage gains for high experience workers. To explore these relationships, I run several regression models that control for person and year fixed effects and a variety of time-varying control variables. I find evidence of positive wage returns associated with high voluntary job mobility, which appear to diminish as workers gain experience. I also find that high tenure is positively associated with higher wages for both low and high experience workers, not just for those workers with high work experience. In terms of policy implications, these findings broadly indicate that some work patterns could result in higher average wages than others, and that a diverse portfolio of labor policies may, therefore, stand to benefit workers who are just beginning their careers, whereas policies that foster increased tenure may create the greatest opportunity for wage growth among workers later in their careers.
Job Mobility And Wage Growth
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Author : Bertil Holmlund
language : en
Publisher:
Release Date : 1983
Job Mobility And Wage Growth written by Bertil Holmlund and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with categories.
Inequality And Mobility
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Author :
language : en
Publisher:
Release Date : 1998
Inequality And Mobility written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Labor mobility categories.
Moving Up Or Moving On
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Author : Fredrik Andersson
language : en
Publisher: Russell Sage Foundation
Release Date : 2005-01-07
Moving Up Or Moving On written by Fredrik Andersson and has been published by Russell Sage Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-01-07 with Business & Economics categories.
For over a decade, policy makers have emphasized work as the best means to escape poverty. However, millions of working Americans still fall below the poverty line. Though many of these "working poor" remain mired in poverty for long periods, some eventually climb their way up the earnings ladder. These success stories show that the low wage labor market is not necessarily a dead end, but little research to date has focused on how these upwardly mobile workers get ahead. In Moving Up or Moving On, Fredrik Andersson, Harry Holzer, and Julia Lane examine the characteristics of both employees and employers that lead to positive outcomes for workers. Using new Census data, Moving Up or Moving On follows a group of low earners over a nine-year period to analyze the behaviors and characteristics of individuals and employers that lead workers to successful career outcomes. The authors find that, in general, workers who "moved on" to different employers fared better than those who tried to "move up" within the same firm. While changing employers meant losing valuable job tenure and spending more time out of work than those who stayed put, workers who left their jobs in search of better opportunity elsewhere ended up with significantly higher earnings in the long term—in large part because they were able to find employers that paid better wages and offered more possibilities for promotion. Yet moving on to better jobs is difficult for many of the working poor because they lack access to good-paying firms. Andersson, Holzer, and Lane demonstrate that low-wage workers tend to live far from good paying employers, making an improved transportation infrastructure a vital component of any public policy to improve job prospects for the poor. Labor market intermediaries can also help improve access to good employers. The authors find that one such intermediary, temporary help agencies, improved long-term outcomes for low-wage earners by giving them exposure to better-paying firms and therefore the opportunity to obtain better jobs. Taken together, these findings suggest that public policy can best serve the working poor by expanding their access to good employers, assisting them with job training and placement, and helping them to prepare for careers that combine both mobility and job retention strategies. Moving Up or Moving On offers a compelling argument about how low-wage workers can achieve upward mobility, and how public policy can facilitate the process. Clearly written and based on an abundance of new data, this book provides concrete, practical answers to the large questions surrounding the low-wage labor market.
Essays On Macroeconomics And Labor Markets
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Author : Ahmet Yusuf Mercan
language : en
Publisher:
Release Date : 2018
Essays On Macroeconomics And Labor Markets written by Ahmet Yusuf Mercan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Job mobility – the rate at which employed workers change their jobs without experiencing unemployment in between – plays a significant role in shaping individual level economic outcomes as well aggregate labor market dynamics. At the micro level, workers climb up the job ladder and receive wage increases by changing employers. Experimentation by way of switching jobs leads young workers into their right career paths. At the aggregate level, job mobility might improve the allocative efficiency of the labor market by facilitating the match of productive workers and firms. This dissertation sheds light on two issues pertaining to job mobility in the U.S. Chapter 1 studies the observed decline in employer-to-employer transitions in the U.S. during the last two decades, and proposes an explanation for this downward trend. Chapter 2 proposes a framework for analyzing the excess unemployment risk following a job- to-job transition and lays the groundwork for a broader future research agenda. Chapter 1 starts from the observation that employer-to-employer (E-E) transi- tions have declined in the United States during the last 20 years from a monthly rate of 2.7 percent in 1996 to 1.7 percent in 2016. In this chapter, I study the factors behind this observed decline. I document that most of the decrease in E-E transitions is accounted for by declines in matches with less than 12 months of job tenure. I attribute this decline to an increase in information about the quality of job opportunities. I then develop a search model with heterogenous matches and on-the-job search with learning about match quality. I show that the information channel can be identified from the change in the wage growth of job switchers. I estimate my model and find that workers in recent years have substantially more in- formation about matches before they are formed, turning jobs into inspection goods rather than experience goods. I find that this increase in information explains 50 to 60 percent of the decline in job mobility over the last two decades. Chapter 2 starts from the empirical finding that the risk of job loss is concen- trated in the early months of the job; after the initially high levels of unemployment risk, jobs become stable. This chapter argues that this initial excess exposure to un- employment risk renders job-to-job transitions risky. It formalizes this mechanism in a search and matching model in which job offers are “lotteries”, placing probabilities on job qualities, which are revealed early on in the new job. Workers know the prob- ability weights, and lotteries are heterogeneous in those weights. A set of job quality realizations lead workers to prefer quitting into unemployment. In this model, job mobility is affected by the value of unemployment, which represents the downside risk of accepting a job lottery. This consideration constitutes a mobility friction for employed workers. It explores all these properties and predictions in a calibrated version of the model. The chapter also highlights a new role of unemployment in- surance (UI): In the model, UI insures the downside risk of job-to-job transitions, and thereby subsidizes job mobility of workers already employed, and tilts the job composition to ex-ante riskier jobs. Chapter 2 closes by discussing potential implica- tions of this new view of unemployment insurance. The study therefore sheds light on how labor market policies affect the behavior of employed job seekers through a novel “experimentation subsidy” channel.
Wage Growth Search And Experience
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Author : Valeriu Altai Omer
language : en
Publisher:
Release Date : 2005
Wage Growth Search And Experience written by Valeriu Altai Omer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Divergent Paths
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Author : Annette Bernhardt
language : en
Publisher: Russell Sage Foundation
Release Date : 2001-06-21
Divergent Paths written by Annette Bernhardt and has been published by Russell Sage Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-06-21 with Business & Economics categories.
The promise of upward mobility—the notion that everyone has the chance to get ahead—is one of this country's most cherished ideals, a hallmark of the American Dream. But in today's volatile labor market, the tradition of upward mobility for all may be a thing of the past. In a competitive world of deregulated markets and demanding shareholders, many firms that once offered the opportunity for advancement to workers have remade themselves as leaner enterprises with more flexible work forces. Divergent Paths examines the prospects for upward mobility of workers in this changed economic landscape. Based on an innovative comparison of the fortunes of two generations of young, white men over the course of their careers, Divergent Paths documents the divide between the upwardly mobile and the growing numbers of workers caught in the low-wage trap. The first generation entered the labor market in the late 1960s, a time of prosperity and stability in the U.S. labor market, while the second generation started work in the early 1980s, just as the new labor market was being born amid recession, deregulation, and the weakening of organized labor. Tracking both sets of workers over time, the authors show that the new labor market is more volatile and less forgiving than the labor market of the 1960s and 1970s. Jobs are less stable, and the penalties for failing to find a steady employer are more severe for most workers. At the top of the job pyramid, the new nomads—highly credentialed, well-connected workers—regard each short-term project as a springboard to a better-paying position, while at the bottom, a growing number of retail workers, data entry clerks, and telemarketers, are consigned to a succession of low-paying, dead-end jobs. While many commentators dismiss public anxieties about job insecurity as overblown, Divergent Paths carefully documents hidden trends in today's job market which confirm many of the public's fears. Despite the celebrated job market of recent years, the authors show that the old labor market of the 1960s and 1970s propelled more workers up the earnings ladder than does today's labor market. Divergent Paths concludes with a discussion of policy strategies, such as regional partnerships linking corporate, union, government, and community resources, which may help repair the career paths that once made upward mobility a realistic ambition for all American workers.
Studies In Labor Markets
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Author : Sherwin Rosen
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01
Studies In Labor Markets written by Sherwin Rosen and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-01 with Political Science categories.
The papers in this volume present an excellent sampling of the best of current research in labor economics, combining the most sophisticated theory and econometric methods with high-quality data on a variety of problems. Originally presented at a Universities-National Bureau Committee for Economic Research conference on labor markets in 1978, and not published elsewhere, the thirteen papers treat four interrelated themes: labor mobility, job turnover, and life-cycle dynamics; the analysis of unemployment compensation and employment policy; labor market discrimination; and labor market information and investment. The Introduction by Sherwin Rosen provides a thoughtful guide to the contents of the papers and offers suggestions for continuing research.
Job Mobility And Earnings Growth
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Author : Ann P. Bartel
language : en
Publisher:
Release Date : 1975
Job Mobility And Earnings Growth written by Ann P. Bartel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1975 with Occupational mobility categories.