Inter- and intrasectoral shocks: Effects on the unemployment rate

• 成果类型: Article
• 署名作者: Shin, K
• 刊物名称: JOURNAL OF LABOR ECONOMICS
• ISSN/ISSBN: 0734-306X
• DOI: 10.1086/209837
• 发表日期: 1997
• 页码: 376-401
• 关键词: sectoral-shifts; cyclical unemployment; displaced workers; mobility; MARKET; MODEL

摘要

Intersectoral shocks require resource reallocation across sectors while intrasectoral shocks require resource reallocation within sectors. A crucial difference between these shocks is that the former require much higher adjustment costs than the latter. Using accounting data to calculate returns on capital in manufacturing industries, I generate proxies for these shocks. I find that the magnitude of intrasectoral shocks is much greater than that of intersectoral shocks but intersectoral shocks explain the aggregate unemployment rate better than intrasectoral shocks. I also find that intersectoral shocks are more closely related to the unemployment rate in the later part of the sample considered.