Paper #1798

Título:

Returns to labor mobility. Layoff costs and quit turbulence

Autores:

Isaac Baley, Lars Ljungqvist y Thomas J. Sargent

Data:

Julio 2021

Resumen:

Returns to labor mobility have too often escaped the attention they deserve as conduits of important forces in macro-labor models. These returns are shaped by calibrations of productivity processes that use theoretical perspectives and data sources from (i) labor economics and (ii) industrial organization. By studying how equilibrium unemployment responds to (a) layoff costs, and (b) likelihoods of skill losses following quits, we tighten calibrations of macro-labor models.

Palabras clave:

labor mobility, quits, turnover, layoff cost, turbulence, unemployment, human capital, matching model, search model, search-island model.

Códigos JEL:

E24, J63, J64

Área de investigación:

Macroeconomía y Economía Internacional

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