Labor market polarization and international macroeconomic dynamics

• 成果类型: Article
• 署名作者: Mandelman, Federico S.
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Atlanta
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2016.01.004
• 发表日期: 2016
• 页码: 1-16
• 关键词: Labor market polarization; International business cycles; heterogeneous agents; Stochastic growth; Two-country models

摘要

During the last thirty years, labor markets in advanced economies were characterized by their remarkable polarization. As job opportunities in middle-skill occupations disappeared, employment opportunities concentrated in the highest and lowest wage occupations. A two-country stochastic growth model that incorporates trade in tasks, rather than in goods, accounts for this evidence. This polarization did not result from a steady process: the relative employment share of each skill group significantly fluctuated over short to medium horizons. The aggregate shocks estimated within this framework can rationalize the observed skill-based employment dynamics, while providing a good fit to the macroeconomic data. (C) 2016 Elsevier B.V. All rights reserved.