Costs of business cycles for unskilled workers

• 成果类型: Article
• 署名作者: Mukoyama, Toshihiko; Sahin, Aysegul
• 署名单位: University of Virginia; Universite de Montreal; Federal Reserve System - USA; Federal Reserve Bank - New York
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2005.08.014
• 发表日期: 2006
• 页码: 1909-1923
• 关键词: cost of business cycles; incomplete markets; skill and unemployment

摘要

Unskilled workers are subject to a much larger risk of unemployment during recessions than are skilled workers. Moreover, unskilled workers earn less income, which limits their ability to self-insure. We examine how this heterogeneity in unemployment risk and income across different skill groups translates into heterogeneity in the cost of business cycles. We find that the welfare cost of business cycles for unskilled workers is substantially higher than the welfare cost for skilled workers. (c) 2006 Elsevier B.V. All rights reserved.