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Market Volatility and the Structure of US Earnings

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  • Elisabetta Magnani

Abstract

This paper studies the relationship between volatility of industry‐specific shipments and real earnings. In an efficiency wage theoretical framework I show that wage premiums for the risk of unemployment depend on the value of the worker's outside offer net of his/her mobility costs. Empirically it is shown that wage premiums for the risk of unemployment markedly vary in a cross section of workers. The main finding is that market volatility changes the return to skill such as labor market experience and education. Its impact markedly varies across occupation groups, with managers receiving returns to labour market experience that significantly increase with product market volatility. Copyright Fondazione Giacomo Brodolini and Blackwell Publishers Ltd 2001.

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Bibliographic Info

Article provided by CEIS in its journal Labour.

Volume (Year): 15 (2001)
Issue (Month): 1 (03)
Pages: 57-80

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Handle: RePEc:bla:labour:v:15:y:2001:i:1:p:57-80

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Cited by:
  1. Bockerman, Petri & Ilmakunnas, Pekka & Johansson, Edvard, 2010. "Job security and employee well-being: Evidence from matched survey and register data," MPRA Paper 21961, University Library of Munich, Germany.
  2. Bocquier, Philippe & Nordman, Christophe Jalil & Vescovo, Aude, 2010. "Employment Vulnerability and Earnings in Urban West Africa," Economics Papers from University Paris Dauphine 123456789/4294, Paris Dauphine University.
  3. Petri Böckerman & Pekka Ilmakunnas, 2005. "Do Job Disamenities Raise Wages or Ruin Job Satisfaction?," Labor and Demography 0501001, EconWPA.
  4. Böckerman, Petri & Ilmakunnas, Pekka & Johansson, Edvard, 2009. "Creative destruction and employee well-being," MPRA Paper 15447, University Library of Munich, Germany.
  5. Ambra Poggi, 2007. "Do Satisfactory Working Conditions Contribute to Explaining Earning Differentials in Italy? A Panel Data Approach," LABOUR, CEIS, vol. 21(4-5), pages 713-733, December.
  6. Nikolaos Georgantzis & Efi Vasileiou, 2012. "Are dangerous jobs paid better? European evidence," Working Papers 2012/18, Economics Department, Universitat Jaume I, Castellón (Spain).

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