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Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
Working Paper No. WP 2025-10
Verlag: 
Federal Reserve Bank of Chicago, Chicago, IL
Zusammenfassung: 
We develop a model where heterogeneous agents choose whether to engage in onthe-job search (OJS) to improve labor income. The model accounts for untargeted microdata patterns: fiscal incentives affect job-to-job mobility and wage growth of stayers-but not leavers-across the income distribution, pointing to OJS as a key driver of labor costs. Calibrated to micro and macro moments, the model shows that OJS cost shocks significantly affect real activity and inflation. The permanent decline in OJS costs-driven by ICT and AI-based tools-offers a novel explanation for the weakening of the unemployment-inflation relationship documented in empirical studies.
Schlagwörter: 
Job ladder models
inflation
Danish microdata, wages
bargaining
tax incentives
JEL: 
E31
J64
E12
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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