Category: Jobs, work & pay
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Immigration affects places and people in different ways. Evidence from a natural experiment in Germany in the early 1990s shows that regional employment may fall while most workers keep their jobs. Adjustment costs often fall on those entering the labour market rather than those already employed.
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The job security implicit in employment contracts is not just about goodwill: it depends both on whether strong performance or misconduct is easier to observe and on how incentives are structured to sustain effort – both very variable across sectors. When leadership changes, contracts may change.
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The Phillips curve underpinning monetary policy doesn’t capture the full complexity of the links between labour markets and inflation. The concept of the job ladder and the dynamics of job-to-job switching offer a richer understanding of how economic shocks translate into wage and price pressures.
