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Jobless Recoveries and Skill-Biased Sectoral Shift

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Authors
Cui, Zhen
Issue Date
2016-08-07
Publisher
Institute of Economic Research, Seoul National University
Citation
Seoul Journal of Economics, Vol.29 No.3, pp. 305-330
Keywords
Jobless recoverySectoral shiftReallocation shockLabor adjustment cost
Abstract
This study first defines skill-biased sectoral shift using two stylized facts. Specifically, the shift features the service sector having more college workers and becoming more productive than the goods sector. Subsequently, this study develops a two-sector model in which the shift is incorporated via a sector-specific labor adjustment cost and a reallocation shock. Although the model generates a jobless recovery, its implications on unemployment duration are not entirely consistent with the data. Therefore, this study considers its sectoral theory as promising, but does not claim that such theory fully explains jobless recoveries, especially when the existence of many alternative explanations is considered.
ISSN
1225-0279
Language
English
URI
https://hdl.handle.net/10371/97045
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of Economics (SJE)Seoul Journal of Economics vol.29 no.1~4 (2016)
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