Do Job-to-Job Transitions Drive Wage Fluctuations Over the Business Cycle?
研究了工作转换对周期性工资波动的重要性，发现工资增长与工作转换概率紧密相关，而失业者找到工作的概率对此没有解释力。
We investigate the importance of job-to-job (JJ) transitions for cyclical wage dynamics. By exploiting cross-state variation, we find that wage growth is tightly linked to variation in the JJ transition probability, and conditional on this, the job finding probability of the unemployed has no explanatory power. We investigate the robustness of our results to several caveats and find the result to hold. Finally, we discuss the implications of our findings for competing theories of wage dynamics.