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Sectoral Shocks, Specific Human Capital and Displaced Workers

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  • Richard Rogerson

    (Arizona State University)

Abstract

This paper extends the Lucas-Prescott island economy to allow for finite lived agents and sector specific human capital. Unlike the Lucas-Prescott model in which workers who leave declining sectors find employment in expanding sectors, this models predicts that workers who leave declining sectors may simply become non-employed, whereas increased employment in expanding sectors is accomplished by increasing the rate at which new entrants enter the sector. (Copyright: Elsevier)

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File URL: http://dx.doi.org/10.1016/j.red.2004.05.004
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Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 8 (2005)
Issue (Month): 1 (January)
Pages: 89-105

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Handle: RePEc:red:issued:v:8:y:2005:i:1:p:89-105

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References

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  1. Williamson, Stephen D, 1990. "Sectoral Shifts, Labor Market Sorting, and Aggregate Fluctuations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(4), pages 935-52, November.
  2. Nishimura, Kazuo, 1985. "Competitive equilibrium cycles," Journal of Economic Theory, Elsevier, Elsevier, vol. 35(2), pages 284-306, August.
  3. Jacobson, Louis S & LaLonde, Robert J & Sullivan, Daniel G, 1993. "Earnings Losses of Displaced Workers," American Economic Review, American Economic Association, American Economic Association, vol. 83(4), pages 685-709, September.
  4. Matsuyama, Kiminori, 1992. "A Simple Model of Sectoral Adjustment," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 59(2), pages 375-88, April.
  5. Hansen, Gary D., 1985. "Indivisible labor and the business cycle," Journal of Monetary Economics, Elsevier, Elsevier, vol. 16(3), pages 309-327, November.
  6. Rogerson, Richard, 1988. "Indivisible labor, lotteries and equilibrium," Journal of Monetary Economics, Elsevier, Elsevier, vol. 21(1), pages 3-16, January.
  7. Lucas, Robert Jr. & Prescott, Edward C., 1974. "Equilibrium search and unemployment," Journal of Economic Theory, Elsevier, Elsevier, vol. 7(2), pages 188-209, February.
  8. Chari, V V & Hopenhayn, Hugo, 1991. "Vintage Human Capital, Growth, and the Diffusion of New Technology," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 99(6), pages 1142-65, December.
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Citations

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Cited by:
  1. Lamo, Ana & Messina, Julián & Wasmer, Etienne, 2011. "Are specific skills an obstacle to labor market adjustment?," Labour Economics, Elsevier, Elsevier, vol. 18(2), pages 240-256, April.
  2. Tomohiro Machikita, 2005. "Career Crisis? The Impacts of Financial Shock on Entry-Level Labour Market: Experimental Evidences from Thailand in 1997," Hi-Stat Discussion Paper Series, Institute of Economic Research, Hitotsubashi University d04-79, Institute of Economic Research, Hitotsubashi University.
  3. Kambourov, Gueorgui & Manovskii, Iourii, 2004. "Occupational Mobility and Wage Inequality," IZA Discussion Papers 1189, Institute for the Study of Labor (IZA).
  4. Peter Thompson, 2003. "Technological Change and the Age-Earnings Profile: Evidence from the International Merchant Marine, 1861-1912," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(3), pages 578-601, July.
  5. Ana Lamo & Julian Messina & Etienne Wasmer, 2006. "Are Specific Skills an Obstacle to Labor Market Adjustment? Theory and an Application to the EU Enlargement," Sciences Po publications, Sciences Po 585, Sciences Po.
  6. Michael C. Burda, 2007. "What kind of shock was it? Regional Integration and Structural Change in Germany after Unification," Kiel Working Papers 1306, Kiel Institute for the World Economy.
  7. Etienne Wasmer, 2006. "General versus Specific Skills in Labor Markets with Search Frictions and Firing Costs," American Economic Review, American Economic Association, American Economic Association, vol. 96(3), pages 811-831, June.
  8. Gueorgui Kambourov & Iourii Manovskii, 2000. "Occupational Mobility and Wage Inequality, Second Version," PIER Working Paper Archive 04-026, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 15 Jun 2004.
  9. Erzo G.J. Luttmer, 2013. "The Stolper-Samuelson effects of a decline in aggregate consumption," Working Papers, Federal Reserve Bank of Minneapolis 703, Federal Reserve Bank of Minneapolis.
  10. Steven J. Davis & John Haltiwanger, 1996. "On the Driving Forces Behind Cyclical Movement, in Employment and Job Reallocation," NBER Working Papers 5775, National Bureau of Economic Research, Inc.

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