@TechReport{iza:izadps:dp6835,
            	author={Jung, Philip and Kuhn, Moritz},
            	title={Earnings Losses and Labor Mobility over the Lifecycle},
            	year={2012},
	month={Sep},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={6835},
            	url={https://www.iza.org/index.php/publications/dp6835},
	abstract={Extensive literature demonstrates that workers with high tenure suffer large and persistent earnings losses when they are displaced. We study the reasons behind these losses in a tractable search model that includes a lifecycle dimension, endogenous job mobility, and worker- and match-heterogeneity. The model jointly explains key characteristics of the U.S. labor market such as large average transition rates, a large share of stable jobs, and earnings losses after displacement. We decompose earnings losses and find that only 50% result from wage loss, and endogenous reactions and selection account for the remainder. These findings have important implications for welfare costs of displacement and labor market policies.},
	keywords={labor-market transitions;lifecycle;earnings losses;turbulence},
            }