Is Job Turnover Countercyclical?

Tito Boeri

110 citations0/0 files storedJournal of Labor Economics

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Labor market dynamics and wage inequality Firm Innovation and Growth Unemployment and Economic Growth

Abstract

In recent years several models have been developed in an attempt to explain countercyclical movements of job turnover, the sum of gross job creation and destruction rates. However, only in the United States is a negative and statistically significant correlation between job turnover and employment growth actually observed. In the other countries studied, job turnover is either acyclical or mildly procyclical. Rather than being associated with the greater flexibility of the United States compared with the Western European labor markets, these asymmetries in the cyclical behavior of gross job flows can be attributed to statistical artifacts, namely, with the fact that U.S. job turnover statistics underrepresent the small business sector and with regression to the mean effects.

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References

1994Job Creation and Job Destruction in the Theory of Unemployment 1992Gross Job Creation, Gross Job Destruction, and Employment Reallocation 1982Sectoral Shifts and Cyclical Unemployment 1989The Beveridge Curve 1997Workers, Wages, and Technology 1990Job security, employment and wages 1991The Cleansing Effect of Recessions 1990Gross Job Creation and Destruction: Microeconomic Evidence and Macroeconomic Implications

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