@Alon @SteveRoth @jamisonnbishop @ryanlcooper (The better matching you describe in boom periods could counter to some degree my claim of lower measured productivity over the cycle, but to the degree there are matching gains to be had from job-switching, there might be tensions between the worker scarcity and so security “labor hoarding” yields, encouraging switching, and the relationship-building attached to that, discouraging it even in booms.)