Cross-phenomenon restrictions: Unemployment effects of layoff costs and quit turbulence
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- dc.contributor.author Baley, Isaac
- dc.contributor.author Ljungqvist, Lars
- dc.contributor.author Sargent, Thomas J.
- dc.date.accessioned 2024-01-18T10:07:31Z
- dc.date.available 2024-01-18T10:07:31Z
- dc.date.issued 2023
- dc.description.abstract Cross-phenomenon restrictions associated with returns to labor mobility can inform calibrations of productivity processes in macro-labor models. We exploit how returns to labor mobility influence effects on equilibrium unemployment of changes in (a) layoff costs, and (b) distributions of skill losses coincident with quits (“quit turbulence”). Returns to labor mobility intermediate both effects. Ample labor reallocations observed across market economies that have different layoff costs imply that a turbulence explanation of trans-Atlantic unemployment experiences is robust to adding plausible quit turbulence.
- dc.description.sponsorship Research support is gratefully acknowledged by Baley from the Spanish Ministry of the Economy and Competitiveness through the Severo Ochoa Programme for Centres of Excellence in R&D (CEX2019-000915-S) and Project PID2020-116268GB-I00 and by Ljungqvist from the Jan Wallander and Tom Hedelius Foundation (P2017-0254).
- dc.format.mimetype application/pdf
- dc.identifier.citation Baley I, Ljungqvist L, Sargent TJ. Cross-phenomenon restrictions: Unemployment effects of layoff costs and quit turbulence. Rev Econ Dyn. 2023;50:43-60. DOI: 10.1016/j.red.2023.07.004
- dc.identifier.doi http://dx.doi.org/10.1016/j.red.2023.07.004
- dc.identifier.issn 1094-2025
- dc.identifier.uri http://hdl.handle.net/10230/58741
- dc.language.iso eng
- dc.publisher Elsevier
- dc.relation.ispartof Review of Economic Dynamics. 2023;50:43-60.
- dc.relation.projectID info:eu-repo/grantAgreement/ES/2PE/116268GB-I00
- dc.rights © 2023 The Author(s). Published by Elsevier Inc. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by/4.0/
- dc.subject.keyword Matching model
- dc.subject.keyword Skills
- dc.subject.keyword Turbulence
- dc.subject.keyword Unemployment
- dc.subject.keyword Turnover
- dc.subject.keyword Calibration
- dc.title Cross-phenomenon restrictions: Unemployment effects of layoff costs and quit turbulence
- dc.type info:eu-repo/semantics/article
- dc.type.version info:eu-repo/semantics/publishedVersion