Understanding Declining Fluidity in the U.S. Labor Market
记录了美国劳动力市场流动性自1980年代初以来的持续下降趋势，并检验了多种可能原因，发现人口结构变化和产业转移只能部分解释，而匹配效率提高或监管加强并非主因，未来需关注薪酬调整、企业规模与年龄变化以及社会信任下降等因素。
In this paper, we first document a clear, downward trend in labor market fluidity that is common across a variety of measures of worker and job turnover. This trend began in the early 1980s, if not somewhat earlier. Next, we present evidence for a variety of hypotheses that might explain this downward trend, which is only partly related to population demographics and is not due to the secular shift in industrial composition. Moreover, this decline in labor market fluidity seems unlikely to have been caused by an improvement in worker-firm matching or by mounting regulatory strictness in the labor or housing markets. Plausible avenues for further exploration include changes in the worker-firm relationship, particularly with regard to compensation adjustment; changes in firm characteristics, such as firm size and age; and a decline in social trust, which may have increased the cost of job searches or made both parties in the hiring process more risk averse.