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Cyclicality and the Labor Market for Economists

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  • Gallet, Craig A.
  • List, John A.
  • Orazem, Peter

Abstract

A multimarket theory of optimal search suggests that job seekers will respond to a weakening market by adjusting their search strategies at the extensive margin (which markets to enter) and the intensive margin (how many applications to submit per market). Meanwhile, employers respond to the weakening market by raising their hiring standards. The equilibrium suggestst that high quality applicants will obtain an increased share of academic interviews in weak markets while applicants from weaker schools will increasingly secure interviews outside of the academic market. Empirical results show that in the bust market, graduates of elite schools shifted their search strategies to include weaker academic institutions, while graduates of lower ranked schools shifted their applications away from academia and toward the business sector. In bust conditions, academic institutions increasingly concentrate their interviews on elite school graduates, women and U.S. residents.

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Bibliographic Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 12025.

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Date of creation: 30 Aug 2004
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Publication status: Published in Southern Economic Journal, October 2005, vol. 72, pp. 284-304
Handle: RePEc:isu:genres:12025

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
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Web page: http://www.econ.iastate.edu
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  1. Shulamit B. Kahn, 1995. "Women in the Economics Profession," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 193-206, Fall.
  2. Fallick, Bruce Chelimsky, 1992. "Job Security and Job Search in More Than One Labor Market," Economic Inquiry, Western Economic Association International, vol. 30(4), pages 742-45, October.
  3. Formby, John P & Gunther, William D & Sakano, Ryoichi, 1993. "Entry Level Salaries of Academic Economists: Does Gender or Age Matter?," Economic Inquiry, Western Economic Association International, vol. 31(1), pages 128-38, January.
  4. John J. Siegfried, 2006. "Report of the Director, Job Openings for Economists," American Economic Review, American Economic Association, vol. 96(2), pages 514-515, May.
  5. Carson, Richard & Navarro, Peter, 1988. "A Seller's (and Buyer's) Guide to the Job Market for Beginning Academic Economists," Journal of Economic Perspectives, American Economic Association, vol. 2(2), pages 137-48, Spring.
  6. John A. List, 2000. "Interview Scheduling Strategies of New Ph.D. Economists," The Journal of Economic Education, Taylor & Francis Journals, vol. 31(2), pages 191-201, January.
  7. Larry D. Singell & Joe A. Stone, 1993. "Gender Differences In Ph.D. Economists' Careers," Contemporary Economic Policy, Western Economic Association International, vol. 11(4), pages 95-106, October.
  8. John J. Siegfried & Wendy A. Stock, 1999. "The Labor Market for New Ph.D. Economists," Journal of Economic Perspectives, American Economic Association, vol. 13(3), pages 115-134, Summer.
  9. John Cawley, 2001. "A Guide (and Advice) for Economists on the U. S. Junior Academic Job Market," Labor and Demography 0109001, EconWPA, revised 27 Sep 2001.
  10. Broder, Ivy E, 1993. "Professional Achievements and Gender Differences among Academic Economists," Economic Inquiry, Western Economic Association International, vol. 31(1), pages 116-27, January.
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Cited by:
  1. Price, Gregory N., 2009. "The problem of the 21st century: Economics faculty and the color line," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(2), pages 331-343, March.
  2. Boehm, Michael J. & Watzinger, Martin, 2010. "The Allocation of Talent: Evidence from the Market of Economists," MPRA Paper 27463, University Library of Munich, Germany.
  3. Boehm, Michael J. & Watzinger, Martin, 2010. "The Selection of Skills into Sectors: Evidence from the Market for Economists," MPRA Paper 23315, University Library of Munich, Germany.

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