The Evolution of Local Labor Markets after Recessions

• 成果类型: Article
• 署名作者: Hershbein, Brad; Stuart, Bryan A.
• 署名单位: W.E. Upjohn Institute for Employment Research; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
• 刊物名称: AMERICAN ECONOMIC JOURNAL-APPLIED ECONOMICS
• ISSN/ISSBN: 1945-7782
• DOI: 10.1257/app.20220132
• 发表日期: 2024
• 页码: 399-435
• 关键词: confidence-intervals; impacts; neighborhoods; CONSEQUENCES; persistence; EMPLOYMENT; wages; BIAS

摘要

This paper studies how US local labor markets respond to employment losses that occur during recessions. Following recessions from 1973 through 2009 , we find areas that lose more jobs during the recession experience persistent relative declines in employment and population. Most importantly , these local labor markets also experience persistent decreases in the employment -population ratio , earnings per capita , and earnings per worker. Our results imply that limited population responses result in longer -lasting consequences for local labor markets than previously thought and that recessions are followed by persistent reallocation of employment across space.