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Majority of Hires Never Report Looking for a Job

Carlos Carrillo-Tudela, Bart Hobijn, Patryk Perkowski, and Ludo Visschers – “Every month, millions of workers search for new jobs although they already have one. About one-tenth of these searchers switch employers in the following month. However, most of the job switchers in the United States never reported having looked for a job. This implies that, rather than those workers finding jobs, the jobs actually found them. In conventional models of the labor market, unemployed people search for jobs and respond to job openings posted by employers (as in Mortensen and Pissarides 1994). However, job search is not limited to just those currently without jobs. Each month, millions of employed people also search for new jobs hoping to change employers. While a lot is known about the job-search behaviors of the unemployed, the same is not true for the employed. In this Economic Letter, we investigate active job searching among the employed and its implications for labor market turnover. We find that people on a payroll actively search for jobs at about half the rate as those without jobs. Employed workers who search are much more likely to transition into a new job than those who do not. However, roughly three-quarters of job switchers did not report having looked for a new job, because there are many more nonsearchers than there are job-seekers. Instead, workers who switched jobs seem to have been actively sought out and recruited by their new employers.”

Salon – Subprime loans are coming to financial aid

Jeff Bryant  – “Wall Street wants to own your education destiny. To the old saying about “death and taxes,” you can now add another: debt. In fact, in contemporary America, debt is likely becoming at least as all-encompassing as the other two. An increasingly powerful force behind the debt explosion is not what you mightContinue Reading

The Gender Gap in Mathematics: Evidence from a Middle-Income Country

Prashant Bharadwaj, Giacomo De Giorgi, David Hansen, and Christopher Neilson: “Using a large administrative data set from Chile, we find that, on average, boys perform better than girls in mathematics. In this paper, we document several features of their relative performance. First, we note that the gender gap appears to increase with age (it doubles between fourth grade andContinue Reading

CFPB Takes Action Against “Bad Check” Debt Collector

“Today, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against a nationwide debt collection operation and its chief executive officer for using deceptive threats of criminal prosecution and jail time in order to intimidate consumers into paying debts for bounced checks. The company also misled consumers into believing that they must enroll inContinue Reading

Pricing Freight Transport to Account for External Costs: Working Paper 2015-03

By David Austin (CBO) – “Although freight transport contributes significantly to the productivity of the U.S. economy, it also involves sizable costs to society. Those costs include wear and tear on roads and bridges; delays caused by traffic congestion; injuries, fatalities, and property damage from accidents; and harmful effects from exhaust emissions. No one paysContinue Reading

What Went Wrong with the FISA Court

Brennan Center for Justice – What Went Wrong with the FISA Court by Elizabeth (Liza) Goitein, Faiza Patel, March 18, 2015. “The Foreign Intelligence Surveillance (FISA) Court is no longer serving its constitutional function of providing a check on the executive branch’s ability to obtain Americans’ private communications. Dramatic shifts in technology and law haveContinue Reading

Federal Student Aid – Loan Servicing Information Report

“Per the contractual agreement with each of our federal loan servicers, the Department of Education (the Department) will annually measure servicer performance in the areas of customer satisfaction and default prevention. We will then use these results to determine each servicer’s allocation of future loan volume when applicable. This announcement is intended to share theContinue Reading

Senate Select Committee on Ethics: A Brief History of Its Evolution and Jurisdiction

Senate Select Committee on Ethics: A Brief History of Its Evolution and Jurisdiction, Jacob R. Straus, Analyst on the Congress. January 13, 2015. “The United States Constitution provides each House of Congress with the sole authority to establish rules and punish and expel Members. From 1789 to 1964, the Senate dealt individually with cases ofContinue Reading

The Effect of Probability and Uncertainty Models on Hedge Fund Performance Analysis

Muteba Mwamba, John Weirstrastrass, The Effect of Probability and Uncertainty Models on Hedge Fund Performance Analysis (2014). The Journal of Applied Business Research, September/October 2014 Volume 30, Number 5. Available for download at SSRN: “This paper implements two types of framework to investigate the outperformance, selectivity and market timing skills in hedge funds: uncertaintyContinue Reading

CEO Cognition in Strategy Research

Chanda, Sasanka Sekhar, CEO Cognition in Strategy Research (March 27, 2015). Available for download at SSRN: “Cognitive considerations arising from the functions of the Chief Executive Officer appear to have been ignored in strategy research. Taking a cue from Freeman’s stakeholder theory, I discuss the constituencies addressed by the CEO in performing his/her jobContinue Reading

Ken Burns new PBS documentary on Cancer

Fortune: “Cancer is the fastest growing disease on Earth. It plagues nearly 1.7 million Americans each year, and over the next two years it’s expected that more people will die from the disease than were killed in combat in all the wars the U.S. has fought — combined. These facts set the stage for theContinue Reading

A Look at Women Leadership in Congress

Disproportionate Representation By Cherise Charleswell, The Hampton Institute | News Analysis – truthout “Political representation is defined as the election of officials, who then stand in for, and speak for a group of their constituents in the legislature, for a set period of time. Unfortunately, moneyed interests, the threat of being “primaried” by the teaContinue Reading