BEGIN:VCALENDAR VERSION:2.0 PRODID:-//jEvents 2.0 for Joomla//EN CALSCALE:GREGORIAN METHOD:PUBLISH BEGIN:VEVENT UID:54ef2246ef3b9ecc729644a78e2dca50 CATEGORIES:Seminars CREATED:20150504T141435 SUMMARY:Giorgio Topa - Federal Reserve Bank of New York DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nJob Search Behavior among the Employed and Unemployed\nAbstract:\nThis paper uses a new and exhaustive questionnaire on the labor market outcomes of roughly 1,300 individuals surveyed through the New York Fed’s Survey of Consumer Expectations. We use the data to examine the job search behavior o f both employed and non-employed individuals. The data have detailed inform ation on several aspects of job search, including the duration and intensit y of search, the offers received, the reservation wage of the jobseeker, an d the relative importance of various non-wage job benefits. The survey is u nique in that it includes information on the job search outcomes of those e mployed and non?employed, including those who report not searching for work (e.g., we have information on job referrals and unsolicited offers). It is also unique in that it has the same information on the job search outcomes that led to the job of those currently employed. We use the data to examin e the relationships between search behavior and search outcomes as a functi on of labor force status. The survey allows us to examine one’s search effo rt regardless of their self-reported labor force status (i.e., regardless o f whether they are employed, unemployed or out of the labor force). We are able to examine an individual’s current job search, as well as the job sear ch that led the employed to their current job. We use extensive information on the types of methods used, the types of jobs offered, and the reservati on wages job seekers report while seeking work. We find that a large fracti on of the employed (24 percent) is actively searching for work, with about 40 percent of employed job seekers seeking an additional job rather than a new job. A small but notable fraction of those who report to be out of the labor force actively look for work as well. Both those who seek an addition al job and those seeking work while reporting themselves as out of the labo r force tend to look for, and attract offers from, part-time jobs with few benefits. The unemployed put by far the most effort into job search, especi ally the short-term unemployed. Nevertheless, the unemployed have the lowes t yields in terms of employer contacts and offers, of all job seekers. Even employed individuals not seeking work tend to generate more offers than th e unemployed. In fact, the unemployed account for 38.5 percent of all appli cations sent in the month leading up to our survey, but only account for 9. 5 percent of the offers received. In contrast, the 2 employed receive about 67 percent of all offers, with over one-third of those going to those that did not look for work. We also find that job seekers employ a variety of d ifferent methods in the search and that offers through referrals and throug h unsolicited contacts play a large role in the hiring process.\n We furthe r find that, conditional on receiving an offer, the unemployed continue to fare far worse than employed job seekers. Offers to the unemployed pay lowe r wages, offer fewer hours, and are much less likely to offer benefits (abo ut two thirds of offers to non-employed individuals did not offer any emplo yer-provided benefits).The offers are relatively lower than their last wage , while the offers of the employed are about equal to their current wage. T he offers are also relatively lower than the unemployed’s reported reservat ion wages and desired hours. Our data on reservation wages and acceptance d ecisions reveal that unemployed have lower reservation wages relative to th eir previous job, whereas employed job seekers’ reservation wage on average is higher than their current job’s wage. However, a surprisingly high frac tion of employed job seekers report a reservation wage that is lower than t he wage on the current job. This finding is reminiscent of the literature t hat found that many job-to-job transitions are associated with wage decline s, though it is unclear whether these wage declines are due to selection or differences in nonwage amenities. The unique feature of our data allows us to control for a number of factors, such as anticipation of layoffs or qui ts, and isolate the importance of non-wage amenities for job-to-job transit ions.\n Finally, we analyze the search process that led to the current job, as a function of labor force status at the time of search. We find that th ose who started working on their current job immediately after the previous job ended – either through quit or layoff – fared significantly better tha n workers who were hired after a spell of non-employment in terms of wages and benefits. Moreover, those hired from non-employment were also more like ly to be searching for work again at the time of the survey. We find eviden ce that workers who quit their previous jobs have somewhat better search ou tcomes relative to workers who were laid off from their previous jobs. Over all, our results suggest that job search is pervasive among both the employ ed and unemployed, but the unemployed face far worse prospects, despite put ting in the greatest effort among all job seekers.\n DTSTAMP:20260421T083520Z DTSTART:20150302T173000Z DTEND:20150302T190000Z SEQUENCE:0 TRANSP:OPAQUE END:VEVENT END:VCALENDAR