I've been staying very busy with my actual work as well as side projects lately, but Prakash Loungani has a post on his blog linking to a new paper about labor mobility. I've only skimmed through the paper so far, but it seems to show that people are not moving for better prospects as much as they used to.
The result doesn't particularly surprise me. As some anecdotal evidence, I live in Indianapolis, which is not exactly a hotbed for financial professionals. Yet, I have remained here in spite of the restricted career opportunities due to family ties. At the start of my career, I even worked in accounting as it was the only offer I had, and I hate accounting (and really, hate is probably not strong enough). But, the job would pay the bills and keep me in Indiana. I wonder if there have been some significant cultural changes that cause people to take worse economic opportunities in favor of better social opportunities. I grew up in a military family and attended five different school districts by the time I graduated high school. As a parent, my goal is to avoid that kind of nomadic life for my own children.
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