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Macroeconomic Conditions When Young Shape Job Preferences for Life

Author

Listed:
  • Maria Cotofan

    (Department of Political Economy, King's College London)

  • Lea Cassar

    (University of Regensburg, CESifo, and CEPR)

  • Robert Dur

    (Erasmus University Rotterdam, Tinbergen Institute, CESifo, and IZA)

  • Stephan Meier

    (Columbia Business School, CESifo, and IZA)

Abstract

Preferences for monetary and nonmonetary job attributes are important for understanding workers' motivation and the organization of work. Little is known, however, about how those job preferences are formed. We study how macroeconomic conditions when young shape workers' job preferences for life. Using variation in income-per-capita across U.S. regions and over time since the 1920s, we find that job preferences vary in systematic ways with experienced macroeconomic conditions during young adulthood. Recessions create cohorts of workers who give higher priority to income, whereas booms make cohorts care more about job meaning for the rest of their lives.

Suggested Citation

  • Maria Cotofan & Lea Cassar & Robert Dur & Stephan Meier, 2023. "Macroeconomic Conditions When Young Shape Job Preferences for Life," The Review of Economics and Statistics, MIT Press, vol. 105(2), pages 467-473, March.
    • Handle: RePEc:tpr:restat:v:105:y:2023:i:2:p:467-473
    DOI: 10.1162/rest_a_01057
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    JEL classification:

    • M5 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics
    • D9 - Microeconomics - - Micro-Based Behavioral Economics
    • E7 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics

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