Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/241259 
Authors: 
Year of Publication: 
2021
Citation: 
[Journal:] The Manchester School [ISSN:] 1467-9957 [Volume:] 89 [Issue:] 2 [Publisher:] Wiley [Place:] Hoboken, NJ [Year:] 2021 [Pages:] 203-222
Publisher: 
Wiley, Hoboken, NJ
Abstract: 
Recent studies document a decline in U.S. labor-market fluidity from as early as the 1970s on. Making use of the Annual Social and Economic supplement to the Current Population Survey, I uncover a pronounced increase in job-to-job mobility from the 1970s to the 1990s, i.e. the annual share of continuously employed job-to-job movers rises from 5.9% of the labor force in 1975–1979 to 8.8% in 1995–1999. Job-to-job mobility exhibits a downward trend only since the turn of the millennium. In order to provide a formal economic interpretation, I additionally estimate the parameters of the random on-the-job search model. Furthermore, I document that job-to-job mobility has an unconditional correlation of −0.86 with the unemployment rate at business-cycle frequencies in 1975–2017, varying by around 3 percentage points over the business cycle.
Subjects: 
business cycles
Current Population Survey
economic fluctuations
Fokker–Planck equation
job mobility
Kolmogorov forward equation
long‐run trends
on‐the‐job search
productive efficiency
search and matching
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Creative Commons License: 
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Document Type: 
Article
Document Version: 
Published Version

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