Beschäftigungsstabilität – Jobsicherheit trotz zunehmender Flexibilisierung?
Der Zuwachs flexibler Beschäftigungsformen in den letzten Jahrzehnten hat u.a. die Frage nach der Stabilität von Beschäftigungsverhältnissen aufgeworfen. Die durchschnittliche Dauer der Betriebszugehörigkeit, Daten zur Arbeitskräfte-Fluktuation sowie das Ausmaß befristeter Beschäftigung werden für die Bewertung von Beschäftigungsstabilität herangezogen. Empirische Studien konnten bisher eine Abnahme der Beschäftigungsstabilität im Zeitverlauf nicht bestätigen - allenfalls punktuell und bei bestimmten Qualifikationsstufen.
Diese Infoplattform enthält Literaturhinweise und Volltexte zur theoretischen Einbettung und empirischen Analyse der Stabilität von Beschäftigung. Mit dem Filter „Autorenschaft“ können Sie auf IAB-(Mit-)Autorenschaft eingrenzen.
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Literaturhinweis
Are men or women more unsettled by fixed-term contracts? Gender differences in affective job insecurity and the role of household context and labour market position (2022)
Zitatform
Morgenroth, Nicolas, Brigitte Schels & Nils Teichler (2022): Are men or women more unsettled by fixed-term contracts? Gender differences in affective job insecurity and the role of household context and labour market position. In: European Sociological Review, Jg. 38, H. 4, S. 560-574., 2021-11-15. DOI:10.1093/esr/jcab060
Abstract
"This study investigates differences in the causal effect of fixed-term contracts on affective job insecurity by gender and household context in Germany. Research shows that workers in fixed-term employment are more unsettled about their job security than are permanent employees. We contribute to the literature on subjective job insecurity by explicitly modelling the causal effect of fixed-term employment and by examining how women and men differ in this effect. We argue that gender differences in the labour market positions and a gendered division of labour in the household account for gender differences in the subjective vulnerability to fixed-term employment. We apply linear fixed effect probability models based on the German Socio-Economic Panel (SOEP) with a sample of employees aged between 20 and 45 years. Results show that a fixed-term contract doubles the probability of big job worries compared to a permanent contract. Women are substantially more unsettled by fixed-term contracts than men across all household types. These gender differences cannot be explained by unfavourable labour market positions of women. Fixed-term employment thus seems to add to existing gender inequalities on the labour market." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Productivity shocks, long-term contracts and earnings dynamics (2021)
Balke, Neele; Lamadon, Thibaut;Zitatform
Balke, Neele & Thibaut Lamadon (2021): Productivity shocks, long-term contracts and earnings dynamics. (Working papers / Institute for Evaluation of Labour Market and Education Policy 2021,19), Uppsala, 78 S.
Abstract
"This paper examines how employer- and worker-specific productivity shocks transmit to earnings and employment in an economy with search frictions and firm commitment. We develop an equilibrium search model with worker and firm shocks and characterize the optimal contract offered by competing firms to attract and retain workers. In equilibrium, riskneutral firms provide only partial insurance against shocks to risk-averse workers and offer contingent contracts, where payments are backloaded in good times and frontloaded in bad times. We prove that there exists a unique spot target wage, which serves as an attraction point for smooth wage adjustments. The structural model is estimated on matched employer-employee data from Sweden. The estimates indicate that firms absorb persistent worker and firm shocks, with respective passthrough values of 27 and 11%, but price permanent worker differences, a large contributor (32%) to variations in wages. A large share of the earnings growth variance can be attributed to job mobility, which interacts with productivity shocks. We evaluate the effects of redistributive policies and find that almost 40% of government-provided insurance is undone by crowding out firm-provided insurance." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Labor Market Concentration and Stayers' Wages: Evidence from France (2021)
Zitatform
Bassanini, Andrea, Cyprien Batut & Eve Caroli (2021): Labor Market Concentration and Stayers' Wages. Evidence from France. (IZA discussion paper 14912), Bonn, 20 S.
Abstract
"We investigate the impact of labor market concentration on stayers' wages, where stayers are defined as individuals who were already employed in the same firm the year before. Using administrative data for France, we show that the elasticity of stayers' wages to labor market concentration ranges between -0.0185 and -0.0230, depending on the instrument we use, and controlling for labor productivity and local product market concentration. This represents between about two thirds and three fourth of the elasticity we estimate for new hires. Given the strong wage rigidities characterizing the French labor market, this estimate can be considered a lower bound of the effect of labor market concentration on stayers' wages in an international perspective." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Erwerbslose in der Grundsicherung: Welche Faktoren begünstigen die Aufnahme stabiler Beschäftigungsverhältnisse? (2021)
Zitatform
Dengler, Katharina, Katrin Hohmeyer & Cordula Zabel (2021): Erwerbslose in der Grundsicherung: Welche Faktoren begünstigen die Aufnahme stabiler Beschäftigungsverhältnisse? In: IAB-Forum H. 13.01.2021 Nürnberg, o. Sz., 2021-01-12.
Abstract
"Entgegen verbreiteter Annahmen nehmen erwerbslose Arbeitslosengeld-II-Beziehende in einem nicht zu vernachlässigenden Umfang (wieder) eine Beschäftigung auf. Diese Beschäftigungsverhältnisse sind jedoch oft nicht von langer Dauer – kein ganz neuer Befund. Weniger klar ist indes, welche Faktoren die Aufnahme einer sozialversicherungspflichtigen Beschäftigung begünstigen. Das Gleiche gilt für die Faktoren, die deren Dauer beeinflussen. Eine aktuelle Studie des IAB liefert neue Erkenntnisse." (Autorenreferat, IAB-Doku)
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Literaturhinweis
Firm pay dynamics (2021)
Zitatform
Engbom, Niklas, Christian Moser & Jan Sauermann (2021): Firm pay dynamics. (Working papers / Institute for Evaluation of Labour Market and Education Policy 2021,21), Uppsala, 51 S.
Abstract
"We study the nature of firm pay dynamics. To this end, we propose a statistical model that extends the seminal framework by Abowd, Kramarz, and Margolis (1999a) to allow for idiosyncratically time-varying firm pay policies. We estimate the model using linked employer-employee data for Sweden from 1985 to 2015. By drawing on detailed firm financials data, we show that firms that become more productive and accumulate capital raise pay, whereas firms lower pay as they add workers. A secular increase in firm-year pay dispersion in Sweden since 1985 is accounted for by greater persistence of firm pay among incumbent firms as well as greater dispersion in firm pay among entrant firms, as opposed to more volatile firm pay." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
From employment to engagement? Stable jobs, temporary jobs, and cohabiting relationships (2021)
Zitatform
Landaud, Fanny (2021): From employment to engagement? Stable jobs, temporary jobs, and cohabiting relationships. In: Labour Economics, Jg. 73. DOI:10.1016/j.labeco.2021.102077
Abstract
"Family formation has been substantially delayed in recent decades, and birth rates have fallen below the replacement rates in many OECD countries. Research suggests that these trends are tightly linked to recent changes in the labor market; however, little is known about the role played by increases in job insecurity. In this paper, I investigate whether the type of employment, stable or temporary, affects the timing of cohabitation and fertility. Using French data on the work and family history of large samples of young adults, I provide evidence that being permanently employed has a much stronger effect than being in temporary employment on the probability of entering a first cohabiting relationship as well as on the probability of having a first child. These findings suggest that increases in age at first cohabitation and at first child can partly be explained by the rise in unemployment and in the share of temporary jobs among young workers." (Author's abstract, IAB-Doku, © 2022 Elsevier) ((en))
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Literaturhinweis
Sector switching in Germany (2021)
Prümer, Stephanie;Zitatform
Prümer, Stephanie (2021): Sector switching in Germany. (Friedrich-Alexander-Universität, Lehrstuhl für Arbeitsmarkt- und Regionalpolitik. Diskussionspapiere 122), Nürnberg, 40 S.
Abstract
"Wechsel des Beschäftigungssektors im Laufe des Berufslebens, d. h. der Wechsel vom privaten in den öffentlichen Sektor oder umgekehrt, sind häufig, wurden bisher jedoch kaum untersucht. Mit Daten des Sozio-oekonomischen Panels für Deutschland gebe ich Einblicke in diese Sektorwechsel. Außerdem analysiere ich, ob sozio-demografische Merkmale oder Einstellungen die Wahrscheinlichkeit, den Sektoren zu wechseln, beeinflussen. Ich zeige, dass Frauen mit höherer Wahrscheinlichkeit in den öffentlichen Sektor wechseln als Männer und dass die Wahrscheinlichkeit eines Wechsels in den öffentlichen Sektor positiv mit Bildung korreliert. Demgegenüber sind Einstellungen und nicht sozio-demografische Merkmale für die Wahrscheinlichkeit eines Wechsels in den privaten Sektor relevant. Ich folgere aus meiner Analyse, dass die Vertiefung des Wissen über Sektorwechsel das Personalmanagement im öffentlichen Sektor bereichern kann." (Autorenreferat, IAB-Doku)
Beteiligte aus dem IAB
Prümer, Stephanie; -
Literaturhinweis
People at Work 2021: A Global Workforce View (2021)
Richardson, Nela; Klein, Sara;Zitatform
Richardson, Nela & Sara Klein (2021): People at Work 2021: A Global Workforce View. Roseland, 48 S.
Abstract
"This report provides a starting point to understand the situation facing employees today across five dimensions of working life: worker confidence and job security; workplace conditions; pay and performance; worker mobility; and gender and family." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Career stability in turbulent times: A cross-cohort study of mid-careers in Finland (2021)
Zitatform
Riekhoff, Aart-Jan, Satu Ojala & Pasi Pyöriä (2021): Career stability in turbulent times: A cross-cohort study of mid-careers in Finland. In: Acta sociologica, Jg. 64, H. 4, S. 437-458. DOI:10.1177/0001699320983422
Abstract
"In this article, we investigate whether the mid-career stability of Finnish men and women has changed for the birth cohorts 1958 to 1972 and, if so, what the driving forces are behind such changes. We analyse career stability during a 15-year period following the age of 30 using “career turbulence” indicators. To identify the impact of cyclical and structural changes in the labour market, we analyse the association between initial employment status and sector with subsequent career stability. We distinguish between sectors that are exposed to a greater or lesser extent to global competition, those that are characterised by goods production or service provision, and those that are part of the market or non-market sector. In a series of OLS regression and regression decomposition analyses, we also control for the impact of education, regional unemployment and family-formation processes. The results show little change in mid-career stability across cohorts. Stability increased somewhat when only including transitions between employment and non-employment, whereas slight destabilisation was observed when accounting for changes between jobs. The findings indicate that the small changes in stability across cohorts were mostly driven by structural changes in the labour market, albeit with different mechanisms for men and women." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Does a job guarantee pay off? The fiscal costs of fighting long-term unemployment in Austria* (2021)
Zitatform
Theurl, Simon & Dennis Tamesberger (2021): Does a job guarantee pay off? The fiscal costs of fighting long-term unemployment in Austria*. In: European Journal of Economics and Economic Policies, Jg. 18, H. 3, S. 364-378. DOI:10.4337/ejeep.2021.0077
Abstract
"The idea of a job guarantee (JG) to tackle unemployment has become popular again over recent years. Critics often point to the fiscal costs and the macroeconomic impact of a government financing full employment. In this paper, we analyse the fiscal costs of a JG for long-term unemployed people over the age of 45 in Austria. We show that a JG pays off in the long run. Even if the amount of jobs to be provided increases in times of a recession, or if a government starts with a certain amount of jobs and increases it afterwards, the JG would pay for itself." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Operationalization of Employment Protection Legislation and Implications for Substantive Results: Example of Perceived Job Insecurity and Temporary Employment Risk (2020)
Zitatform
Balz, Anne & Klaus Pforr (2020): Operationalization of Employment Protection Legislation and Implications for Substantive Results. Example of Perceived Job Insecurity and Temporary Employment Risk. (GESIS papers 2020,19), Mannheim, 39 S. DOI:10.21241/ssoar.70793
Abstract
"Almost all comparative research on the effects of employment protection legislation of regular employees (EPLR) is based on the index of the OECD. This study argues that this index is methodologically flawed and proposes a new EPLR index, following a theory-driven formative index construction approach. To demonstrate the implications using the OECD EPLR index versus the new index, we use two empirical applications: First, the effects of EPLR on perceived job insecurity, using multi-level models with data from the European Social Survey, the European Working Condition Survey, and the European Quality of Life Survey. Secondly the temporary employment risk for new hires, using multi-level models with data from the European Labour Force Survey. Whereas the results based on the OECD EPLR index significantly deviate from the hypotheses in the literature, the results using the new EPLR index is compliant with the hypotheses in the literature. This demonstrates higher criterion validity of the theory-driven new EPLR index and also calls for replications of previous research that is based on the index of the OECD." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
The effects of foreign direct investment on job stability: Upgrades, downgrades, and separations (2020)
Borrs, Linda; Eppelsheimer, Johann;Zitatform
Borrs, Linda & Johann Eppelsheimer (2020): The effects of foreign direct investment on job stability: Upgrades, downgrades, and separations. (IAB-Discussion Paper 24/2020), Nürnberg, 49 S.
Abstract
"Wir untersuchen die Auswirkungen von ausländischen Direktinvestitionen (FDI) auf die Beschäftigungstabilität von Arbeitnehmerinnen und Arbeitnehmern mittels Sozialversicherungsdaten. Erstmalig berücksichtigen wir hierbei unternehmensinterne Jobwechsel und untersuchen die Effekte von FDI auf die individuelle Wahrscheinlichkeit von Up- oder Downgrades hin zu Berufen mit mehr oder weniger analytischen und interaktiven Tätigkeiten. Zu diesem Zweck entwickeln wir ein iteratives Matching-Verfahren, welches einen homogenen Datensatz von Firmen mit gleichen Investitionswahrscheinlichkeiten erzeugt und berechnen dynamische Effekte mit Proportional Harzardmodellen. Unsere Ergebnisse zeigen, dass FDI die Wahrscheinlichkeit von Up- und Downgrades um 25 bzw. 37 Prozent erhöht. Diese Effekte nehmen mit dem Anteil an nicht-routine und interaktiven Tätigkeiten zu und werden zwei Jahre nach der Investition messbar. FDI erhöht nicht die Wahrscheinlichkeit von Trennungen von Beschäftigten und Unternehmen. Stattdessen führt FDI zu einem temporären Lock-in-Effekt. Unsere Befunde belegen die Bedeutung von firmeninternen Umstrukturierungen als Reaktion auf eine veränderte Arbeitsnachfrage durch FDI." (Autorenreferat, IAB-Doku)
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Literaturhinweis
The evolution of generalised and acute job tenure insecurity (2020)
Zitatform
Choonara, Joseph (2020): The evolution of generalised and acute job tenure insecurity. In: Work, employment and society, Jg. 34, H. 4, S. 713-725. DOI:10.1177/0950017019855236
Abstract
"An earlier article by Gallie, Felstead, Green and Inanc demonstrates that employee insecurity can be divided into job tenure insecurity (anxieties about the continuity of employment) and job status insecurity (anxieties about the loss of valued features of the job). Here it is argued that job tenure insecurity can be further divided into acute and generalised variants. The former tracks the level of involuntary redundancies in the UK data and is grounded in a realistic assessment of the likelihood of involuntary job loss. The latter is driven by a range of factors, including the economic cycle and the intensification of work that is also associated with rising job status insecurity, and the permeation of insecurity through new sections of the workforce. Its greatest extent was in the mid-1990s and it rose again in the years following the 2008/2009 recession." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Changing Stability in U.S. Employment Relationships: A Tale of Two Tails (2020)
Zitatform
Molloy, Raven, Christopher Smith & Abigail K. Wozniak (2020): Changing Stability in U.S. Employment Relationships. A Tale of Two Tails. (NBER working paper 26694), Cambridge, Mass., 52 S. DOI:10.3386/w26694
Abstract
"We confront two seemingly-contradictory observations about the US labor market: the rate at which workers change employers has declined since the 1980s, yet there is a commonly expressed view that long-term employment relationships are more difficult to attain. We reconcile these observations by examining how the distribution of employment tenure has changed in aggregate and for various demographic groups. We show that the fraction of workers with short tenure (less than a year) has been falling since the 1980s, consistent with the decline in job changing. Meanwhile, the fraction of workers with long tenure (20 years or more) has been rising modestly owing to an increase in long tenure for women and the ageing of the population. Long tenure has declined markedly among older men; this trend may have spurred popular perceptions that long-term employment is less common than in the past. The decline in long-tenure for men appears due to an increase in mid-career separations that reduce the likelihood of reaching long-tenure, rather than an increase in late-career separations. Nevertheless, survey evidence indicates that these changes in employment relationships are not associated with heightened concerns about job insecurity or decreases in job satisfaction as reported by workers. The decline in short-tenure is widespread, associated with fewer workers cycling among briefly-held jobs, and coincides with an increase in perceived job security among short tenure workers." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Balancing flexibility and security in Europe? The impact of unemployment on young peoples' subjective well-being (2020)
Zitatform
Russell, Helen, Janine Leschke & Mark Smith (2020): Balancing flexibility and security in Europe? The impact of unemployment on young peoples' subjective well-being. In: European journal of industrial relations, Jg. 26, H. 3, S. 243-261. DOI:10.1177/0959680119840570
Abstract
"We examine the relationship between 'flexicurity' systems, unemployment and well-being outcomes for young people in Europe. A key tenet of the flexicurity approach is that greater flexibility of labour supply supports transitions into employment, trading longer-term employment stability for short-term job instability. However, there is a risk that young people experience greater job insecurity, both objective and subjective, with less stable contracts and more frequent unemployment spells. Our research draws on data from the European Social Survey and uses multi-level models to explore whether and how flexibility-security arrangements moderate the effect of past and present unemployment on the well-being of young people. We distinguish between flexibility-security institutions that foster improved job prospects and those that provide financial security." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Dualization and subjective employment insecurity : explaining the subjective employment insecurity divide between permanent and temporary workers across 23 European countries (2019)
Zitatform
Chung, Heejung (2019): Dualization and subjective employment insecurity : explaining the subjective employment insecurity divide between permanent and temporary workers across 23 European countries. In: Economic and Industrial Democracy, Jg. 40, H. 3, S. 700-729. DOI:10.1177/0143831X16656411
Abstract
"Dualization theory posits that certain institutions cause dualization in the labour market, yet how institutions deepen the subjective insecurity divide between insiders and outsiders has not been examined. This article examines this question using data from 23 European countries in 2008/2009. Results show that the subjective employment insecurity divide between permanent and temporary workers varies significantly across different countries. Corporatist countries, with stronger unions, have larger subjective insecurity divides between permanent and temporary workers. However, this is because permanent workers feel more secure in these countries rather than because temporary workers are more exposed to feelings of insecurity." (Author's abstract, IAB-Doku) ((en))
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Literaturhinweis
Automation, job characteristics and job insecurity (2019)
Zitatform
Coupé, Tom (2019): Automation, job characteristics and job insecurity. In: International Journal of Manpower, Jg. 40, H. 7, S. 1288-1304. DOI:10.1108/IJM-12-2018-0418
Abstract
"Purpose
The purpose of this paper is to analyze whether specific jobs characteristics, which experts have identified as being more automation proof, are associated with reduced job insecurity.
Design/methodology/approach
Data come from a recent survey providing information on sources of job insecurity as well as on detailed job characteristics. The analysis is based on various regression models.
Findings
People who have jobs that involve lots of personal interaction are less likely to be concerned about losing their job because of automation, or because of other reasons, and are more likely to think their job will exist 50 years from now. Having a creative job does not change these concerns. The share of respondents who fear losing their job to automation is fairly small, and those who do, typically fear other sources of job insecurity as much or even more.
Practical implications
Developing interpersonal skills is more likely to be an effective strategy for reducing job insecurity than developing creative skills. The findings further suggest that policies aimed at automation are unlikely to suffice for the elimination of worry over job loss, as many workers who fear automation at the same time feel there are other reasons that might lead to the loss of their job.
Originality/value
There are very few studies that link fear of losing one's job to automation to a job's characteristics. The survey used here is unique in the level of detail provided on job characteristics." (Author's abstract, © Emerald Group) ((en)) -
Literaturhinweis
Arbeitskräftefluktuation im Verarbeitenden Gewerbe: In exportierenden Betrieben ist die Beschäftigung stabiler (2019)
Zitatform
Hauptmann, Andreas, Steffen Sirries & Ignat Stepanok (2019): Arbeitskräftefluktuation im Verarbeitenden Gewerbe: In exportierenden Betrieben ist die Beschäftigung stabiler. (IAB-Kurzbericht 04/2019), Nürnberg, 8 S.
Abstract
"Deutschland gehört zu den bedeutendsten Handelsnationen der Welt. Für die deutsche Wirtschaft bieten der internationale Handel und insbesondere der Export von Produkten zahlreiche Chancen. Teilweise wird jedoch befürchtet, dass internationale Aktivitäten von Unternehmen mit Risiken für die Beschäftigungsstabilität einhergehen. Die Autoren untersuchen deshalb die betriebliche Arbeitskräftefluktuation im Verarbeitenden Gewerbe, einer Branche, die sich in Deutschland durch einen hohen Exportanteil auszeichnet: Etwa jeder dritte Betrieb dieser Branche erwirtschaftet einen Teil seines Umsatzes im Ausland. Diese Betriebe beschäftigen fast drei Viertel der Arbeitnehmer im Verarbeitenden Gewerbe. Es zeigt sich, dass die Fluktuationsrate der Belegschaft in exportierenden Betrieben niedriger ist und die Beschäftigung stabiler als in Betrieben, die ausschließlich für den inländischen Markt produzieren. Dieser Befund ist in großen exportierenden Betrieben besonders ausgeprägt." (Autorenreferat, IAB-Doku)
Weiterführende Informationen
- Beschäftigte in exportierenden Betrieben und exportierende Betriebe im Verarbeitenden Gewerbe sowie insgesamt
- Fluktuationsrate im Verarbeitenden Gewerbe, nach Exportstatus der Betriebe und Betriebsgrößenklassen
- Arbeitskräftefluktuation in exportierenden Betrieben im Vergleich zu nicht exportierenden Betrieben im Verarbeitenden Gewerbe
- Fluktuationsrate im Verarbeitenden Gewerbe, nach Exportstatus der Betriebe
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Literaturhinweis
The impact of declining youth employment stability on future wages (2019)
Umkehrer, Matthias;Zitatform
Umkehrer, Matthias (2019): The impact of declining youth employment stability on future wages. In: Empirical economics, Jg. 56, H. 2, S. 619-650., 2017-11-08. DOI:10.1007/s00181-018-1444-5
Abstract
"Has the early career become less stable during the 1980s and 1990s? And does a lack of early-career employment stability inhibit wage growth? I analyze exceptionally rich administrative data on male graduates from Germany's dual education system to shed more light on these important questions. The data indicate a decline in youth employment durations since the late 1970s, limited to already relatively short durations. Controlling for endogeneity of employment in youth with training firm fixed effects and by exploiting institutional variation in the timing of nationwide macroeconomic shocks, I find significant returns to early-career employment stability in terms of higher wages in adulthood. These returns decline not only across the wage distribution, but also with cohort age. The findings suggest less stable employment in the early years of a career to have become increasingly costly during the 1990s for the least advantaged workers." (Author's abstract, © Springer-Verlag) ((en))
Beteiligte aus dem IAB
Umkehrer, Matthias; -
Literaturhinweis
Human capital and unemployment dynamics: why more educated workers enjoy greater employment stability (2018)
Zitatform
Cairó, Isabel & Tomaz Cajner (2018): Human capital and unemployment dynamics. Why more educated workers enjoy greater employment stability. In: The economic journal, Jg. 128, H. 609, S. 652-682. DOI:10.1111/ecoj.12441
Abstract
"Why do more educated workers experience lower unemployment rates and lower employment volatility? Empirically, these workers have similar job finding rates but much lower and less volatile separation rates than their less educated peers. We argue that on-the-job training, being complementary to formal education, is the reason for this pattern. Using a search and matching model with endogenous separations, we show that investments in match-specific human capital reduce incentives to separate but leave the job finding rate essentially unaffected. The model generates unemployment dynamics quantitatively consistent with the data. Finally, we provide novel empirical evidence supporting the mechanism studied in the article." (Author's abstract, Published by arrangement with John Wiley & Sons) ((en))