Job-to-Job Mobility and Inflation
研究发现美国近年低通胀与劳动力市场松弛的传统指标不符，提出基于企业间工资竞争的指标来解释，并指出求职者搜索率下降是关键，2021年“大辞职潮”期间工资竞争加剧使通胀上升约1个百分点。
Abstract The low rate of inflation observed in the United States over the past decade is hard to reconcile with traditional measures of labor market slack. We develop a theory-based indicator of interfirm-wage competition that can explain the missing inflation. Key to this result is a drop in the rate of on-the-job search, which lowers the intensity of interfirm-wage competition to retain or hire workers. We estimate the on-the-job search rate from aggregate labor-market flows and show that its recent drop is corroborated by survey data. During “the great resignation,” interfirm-wage competition rose, increasing inflation by around 1 percentage point in 2021.