Review Questions

1.
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What are the three main stylized facts pertaining to job stability and turnover?
2.
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Outline the principal features of the mover-stayer hypothesis.
3.
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Explain how the on-the-job search model can be used to explain the negative correlation between tenure and turnover.
4.
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Is the company man (or woman) an anachronism?
5.
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Explain why layoffs may be efficient. Surely every job should be protected.
6.
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What is meant by job lock, and why is it thought to hinder labor mobility?
7.
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What are the consequences of involuntary job losses for those who are affected by them?
8.
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Is it reasonable to suppose that even health levels depend on the state of the economy and that they can be affected by involuntary terminations?
9.
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Outline the main features of the layoffs and lemons hypothesis. Why might layoffs according to seniority, such as a first in, last out rule, play a useful role in this setting?
10.
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Explain how severance pay provides income insurance.

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