000			03259cam a22004337a 4500
001			w31466
003			NBER
005			20240125162334.0
006			m o d
007			cr cnu||||||||
008			240124s2023 mau fo 000 0 eng d
040			_aMaCbNBER _beng _cMaCbNBER
100	1		_aMoscarini, Giuseppe. _917172
245	1	4	_aThe Job Ladder: _bInflation vs. Reallocation / _cGiuseppe Moscarini, Fabien Postel-Vinay.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2023.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w31466
500			_aJuly 2023.
520	3		_aWe introduce on-the-job search frictions in an otherwise standard monetary DSGE New-Keynesian model. Heterogeneity in productivity across jobs gives rise to a job ladder. Firms Bertrand-compete for employed workers according to the Sequential Auctions protocol of Postel-Vinay and Robin (2002). Outside job offers to employed workers, when accepted, reallocate employment up the productivity ladder; when declined, because matched by the current employer, they raise production costs and, due to nominal price rigidities, compress mark-ups, building inflationary pressure. When employment is concentrated at the bottom of the job ladder, typically after recessions, the reallocation effect prevails, aggregate supply expands, moderating marginal costs and inflation. As workers climb the job ladder, reducing slack in the employment pool, the inflation effect takes over. The model generates endogenous cyclical movements in the Neo Classical labor wedge and in the New Keynesian wage mark-up. The economy takes time to absorb cyclical misallocation and features propagation in the response of job creation, unemployment and inflation to aggregate shocks. The ratio between job-finding probabilities from job-to-job and from unemployment, a measure of the "Acceptance rate" of job offers to employed workers, predicts negatively inflation, independently of the unemployment rate.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aEmployment • Unemployment • Wages • Intergenerational Income Distribution • Aggregate Human Capital • Aggregate Labor Productivity _2jelc
650		7	_aEmployment • Unemployment • Wages • Intergenerational Income Distribution • Aggregate Human Capital • Aggregate Labor Productivity _2jelc
084			_aE24 _2jelc
690		7	_aPrice Level • Inflation • Deflation _2jelc
650		7	_aPrice Level • Inflation • Deflation _2jelc
084			_aE31 _2jelc
690		7	_aGeneral _2jelc
650		7	_aGeneral _2jelc
084			_aJ60 _2jelc
700	1		_aPostel-Vinay, Fabien. _918749
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w31466.
856	4	0	_uhttps://www.nber.org/papers/w31466
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w31466
942			_2ddc _cW-PAPER
999			_c392572 _d351134