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Cyclicality and the Labor Market for Economists

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Author Info
Gallet, Craig A. (California State University at Sacramento)
List, John A. (AREC, University of Maryland, NBER, RFF and IZA Bonn)
Orazem, Peter F. () (Iowa State University, University of Kansas and IZA Bonn)

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Abstract

Using a unique sample of new Ph.D. economists in 1987 and 1997, we examine how job seekers and their employers alter their search strategies in strong versus weak markets. The 1987 academic market was strong while the 1997 market was much weaker. A multimarket theory of optimal search suggests that job seekers will respond to a weakening market by lowering their reservation utility. This in turn affects 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 combination of strategies on the supply and demand sides suggest 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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Publisher Info
Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 1302.

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Length: 44 pages
Date of creation: Sep 2004
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Handle: RePEc:iza:izadps:dp1302

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Related research
Keywords: search; PhD labor market; applications; interviews; visits; offers; boom and bust; academia; government; business;

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Find related papers by JEL classification:
J44 - Labor and Demographic Economics - - Particular Labor Markets - - - Professional Labor Markets and Occupations
J60 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - General

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Broder, Ivy E, 1993. "Professional Achievements and Gender Differences among Academic Economists," Economic Inquiry, Oxford University Press, vol. 31(1), pages 116-27, January.
  2. Formby, John P & Gunther, William D & Sakano, Ryoichi, 1993. "Entry Level Salaries of Academic Economists: Does Gender or Age Matter?," Economic Inquiry, Oxford University Press, vol. 31(1), pages 128-38, January.
  3. John A. List, 2000. "Interview Scheduling Strategies of New Ph.D. Economists," Journal of Economic Education, Helen Dwight Reid Foundation, vol. 31(2), pages 191-201. [Downloadable!]
  4. Kahn, Shulamit B, 1995. "Women in the Economics Profession," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 193-205, Fall. [Downloadable!] (restricted)
  5. 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. [Downloadable!]
    Other versions:
  6. 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. [Downloadable!] (restricted)
  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. [Downloadable!] (restricted)
  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. [Downloadable!] (restricted)
  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. [Downloadable!]
  10. Fallick, Bruce Chelimsky, 1992. "Job Security and Job Search in More Than One Labor Market," Economic Inquiry, Oxford University Press, vol. 30(4), pages 742-45, October.
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