Wage Risk and the Value of Job Mobility in Early Employment Careers
发现工作流动是员工应对不利劳动力市场冲击的重要渠道，通过估计工资动态模型和就业与工作流动的动态模型，发现匹配层面的工资冲击方差很大，工作流动对低工资员工尤其有价值。
This paper shows that job mobility is a valuable channel that employed workers use to mitigate bad labor market shocks. I estimate a model of wage dynamics jointly with a dynamic model of employment and job mobility. The key feature of the model is the specification of wage shocks at the worker-firm-match level, for workers can respond to these shocks by changing jobs. I find that, relative to the variance of individual-level shocks, the variance of match-level shocks is large and the consequent value of job mobility is substantial, particularly for workers whose match-specific wages are low.