The cyclicality of job-to-job transitions and its implications for aggregate productivity

Toshihiko Mukoyama

No 1074, International Finance Discussion Papers from Board of Governors of the Federal Reserve System (U.S.)

Abstract: This paper analyzes the job-to-job transitions of workers in the United States. I propose a new method of correcting the time-aggregation bias. The bias-corrected series from 1996 to 2011 reveals a procyclical pattern of job-to-job transition and a large decline since the beginning of the 2000s. I construct a model of on-the-job search and explore the implications of this phenomenon. The calibrated model shows that the decline in the reallocation of workers through job-to-job transitions has had a substantial effct on total factor productivity (TFP). From 2009 to 2011, the model accounts for about 0.5%-0.7% annual decline in TFP.

Date: 2013
New Economics Papers: this item is included in nep-eff and nep-lab
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Journal Article: The cyclicality of job-to-job transitions and its implications for aggregate productivity (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgif:1074

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