Sectoral Shifts and Cyclical Unemployment: A Reconsideration
AbstractThe debate over the relative importance of sectoral and aggregate shocks in explaining fluctuations in the aggregate unemployment rate has centered on the relationship between unemployment, job vacancies, and the dispersion of sectoral employment growth rates (which proxies for sectoral shocks). This paper examines some possible theoretical relationships between these variables and, after decomposing unemployment into components attributable to sectoral and aggregate shocks, estimates the importance of each. It finds that fluctuations in unemployment are principally caused by aggregate shocks, but sectoral shifts explain a significant, albeit steady, amount of unemployment. Copyright 1992 by Oxford University Press.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Economic Inquiry.
Volume (Year): 30 (1992)
Issue (Month): 1 (January)
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- Chiarini, Bruno & Piselli, Paolo, 2000. "Unemployment, Wage Pressure and Sectoral Shifts: Permanent and Temporary Consequences of Intersectoral Shocks," Journal of Policy Modeling, Elsevier, vol. 22(7), pages 777-799, December.
- Giovanni Gallipoli & Gianluigi Pelloni, 2008. "Aggregate Shocks vs Reallocation Shocks: an Appraisal of the Applied Literature," Working Paper Series 27-08, The Rimini Centre for Economic Analysis, revised Jan 2008.
- G. Gallipoli & G. Pelloni, 2013.
"Macroeconomic Effects of Job Reallocations: A Survey,"
wp897, Dipartimento Scienze Economiche, Universita' di Bologna.
- Giovanni Gallipoli & Gianluigi Pelloni, 2013. "Macroeconomic Effects of Job Reallocations: A Survey," Working Paper Series 37_13, The Rimini Centre for Economic Analysis.
- Frank Barry & Colm Kearney, 2003. "A Portfolio Analysis of Industrial Structure," Working Papers 200309, School Of Economics, University College Dublin.
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