Published Journal of Monetary Economics Online 1 Apr 2026 Published Apr 2026Labor Market Shocks and Monetary PolicySerdar Birinci · Fatih Karahan · Yusuf Mercan · Kurt SeeThe paper asks two related questions: (1) How much, and through which channels, do employer-to-employer (EE) worker transitions affect macroeconomic outcomes — particularly inflation? (2) What is the …