The Relative Power of Employment-to-Employment Reallocation and Unemployment Exits in Predicting Wage Growth
利用1996-2013年美国收入与计划参与调查微观数据，研究发现就业到就业转换率与工资通胀的正相关关系与就业率一样强，而失业退出率则无此效应，表明EE率可作为劳动力需求的衡量指标。
We study the cyclical comovement nominal wage growth (either monthly earnings or hourly wage rate) and labor market flows. We use microdata from the Survey of Income and Program Participation over 1996-2013 to purge composition effects in worker and job characteristics and to isolate the reallocative effect of Employer-to-Employer (EE) transitions. We find an “EE wage Phillips curve”: wage inflation comoves positively with EE as strongly as with the employment rate. This correlation holds for job stayers; we interpret the EE rate as a measure of labor demand. We find no analogous evidence for the job-finding rate from unemployment.