Speculative markets such as those for stocks or currencies typically have an extremely short time horizon for transactions. Yet at the same time, stock prices and exchange rates go up or down in trend curves of several years ("bull" and "bear" markets). The paper takes the dollar/euro exchange...

We explore differences between two measurement concepts of worker flows widely used in the literature referred to as the turnover and reallocation concepts. We find that measuring worker flows by the turnover concept leads to substantially (about 5 percent of total employment) higher worker flow...