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BEGIN:VEVENT
UID:ad47cd57eb48671768bdb8e529464f5c
CATEGORIES:Seminars
CREATED:20190704T082548
SUMMARY:Lunch Seminar:  Niklas Engbom - Federal Reserve Bank of Minneapolis
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p><strong><span style="font-size: 11pt; font-family: 'Calibri','sans-serif
 ';">The Aggregate Consequences of Labor Market Fluidity</span></strong></p>
 <p><span style="font-size: 11pt; font-family: 'Calibri','sans-serif';">Abst
 ract:</span></p><p style="text-align: justify;"><span style="font-size: 11p
 t; font-family: 'Calibri','sans-serif';">Using panel data for 1990--2014 fr
 om 12 OECD countries, I document three facts: First, job-to-job mobility an
 d life-cycle wage growth differ substantially across countries. Second, cou
 ntries with higher labor market fluidity see greater life-cycle wage growth
 . Third, the wage gains directly associated with job-to-job mobility accoun
 t for only 40 percent of the steeper wage growth in more fluid labor market
 s. To account for these facts, I propose a theory of on-the-job search and 
 human capital accumulation, which highlights that a faster rate of climbing
  the job ladder encourages human capital investment by raising its expected
  return. The mechanism accounts for the covariation between fluidity and wa
 ge growth, and implies that two standard deviations lower fluidity is assoc
 iated with 11 percent lower aggregate output.</span></p>
DTSTAMP:20260404T190604Z
DTSTART:20190705T130000Z
DTEND:20190705T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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