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Declining Job Security

  • Valletta, Robert G

This article defines and analyzes job security in the context of implicit contracts designed to overcome incentive problems in the employment relationship. Contracts of this nature generate predictions concerning the relationship between job security parameters--such as worker seniority and sectoral economic conditions--and the probability of separations. To test these predictions, I estimate binomial and multinomial models of job separations using Panel Study of Income Dynamics (PSID) data for the years 1976-93. The results are consistent with a decline over time in the incentives to maintain existing employment relationships for male workers and for skilled white-collar women. Copyright 1999 by University of Chicago Press.

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Article provided by University of Chicago Press in its journal Journal of Labor Economics.

Volume (Year): 17 (1999)
Issue (Month): 4 (October)
Pages: S170-97

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Handle: RePEc:ucp:jlabec:v:17:y:1999:i:4:p:s170-97
Contact details of provider: Web page: http://www.journals.uchicago.edu/JOLE/

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  1. McLaughlin, Kenneth J, 1991. "A Theory of Quits and Layoffs with Efficient Turnover," Journal of Political Economy, University of Chicago Press, vol. 99(1), pages 1-29, February.
  2. Topel, Robert H, 1991. "Specific Capital, Mobility, and Wages: Wages Rise with Job Seniority," Journal of Political Economy, University of Chicago Press, vol. 99(1), pages 145-76, February.
  3. Lazear, Edward P, 1979. "Why Is There Mandatory Retirement?," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1261-84, December.
  4. Shapiro, Carl & Stiglitz, Joseph E, 1984. "Equilibrium Unemployment as a Worker Discipline Device," American Economic Review, American Economic Association, vol. 74(3), pages 433-44, June.
  5. Hall, Robert E & Lazear, Edward P, 1984. "The Excess Sensitivity of Layoffs and Quits to Demand," Journal of Labor Economics, University of Chicago Press, vol. 2(2), pages 233-57, April.
  6. Idson, Todd L & Valletta, Robert G, 1996. "Seniority, Sectoral Decline, and Employee Retention: An Analysis of Layoff Unemployment Spells," Journal of Labor Economics, University of Chicago Press, vol. 14(4), pages 654-76, October.
  7. Robert G. Valletta, 1996. "Has job security in the U.S. declined?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue feb16.
  8. Chamberlain, Gary, 1980. "Analysis of Covariance with Qualitative Data," Review of Economic Studies, Wiley Blackwell, vol. 47(1), pages 225-38, January.
  9. Hashimoto, Masanori, 1981. "Firm-Specific Human Capital as a Shared Investment," American Economic Review, American Economic Association, vol. 71(3), pages 475-82, June.
  10. Ramey, Garey & Watson, Joel, 1997. "Contractual Fragility, Job Destruction, and Business Cycles," The Quarterly Journal of Economics, MIT Press, vol. 112(3), pages 873-911, August.
  11. Antel, John J, 1985. "Costly Employment Contract Renogotiation and the Labor Mobility of Young Men," American Economic Review, American Economic Association, vol. 75(5), pages 976-91, December.
  12. Kenneth A. Swinnerton & Howard Wial, 1995. "Is job stability declining in the U.S. economy?," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 48(2), pages 293-304, January.
  13. Rob Valletta & Randy O'Toole, 1997. "Job security update," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue nov14.
  14. Henry S. Farber, 1995. "Are Lifetime Jobs Disappearing? Job Duration in the United States: 1973-1993," NBER Working Papers 5014, National Bureau of Economic Research, Inc.
  15. Bull, Clive, 1987. "The Existence of Self-Enforcing Implicit Contracts," The Quarterly Journal of Economics, MIT Press, vol. 102(1), pages 147-59, February.
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