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Intersectoral Mobility and Short-Run Labor Market Adjustments

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  • Chan, William
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    Abstract

    This article presents a model of labor market adjustments as a sequential process of reallocation among various market and nonmarket sectors. Training costs introduce friction into the process, while fixed costs of working limit work sharing, resulting in unemployment. Adjustments in sectoral labor market variables to demand shocks can follow very different patterns, depending on relative demands and the expected duration of the shocks. In particular, a permanent boom in a sector may result in an initial increase in unemployment and reduction in working hours even as employment increases, reflecting contemporaneous substitution between the margins and intertemporal substitution in recruitment. Copyright 1996 by University of Chicago Press.

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    Bibliographic Info

    Article provided by University of Chicago Press in its journal Journal of Labor Economics.

    Volume (Year): 14 (1996)
    Issue (Month): 3 (July)
    Pages: 454-71

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    Handle: RePEc:ucp:jlabec:v:14:y:1996:i:3:p:454-71

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    Web page: http://www.journals.uchicago.edu/JOLE/

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    Cited by:
    1. Patrick Kline, 2008. "Understanding Sectoral Labor Market Dynamics: An Equilibrium Analysis of the Oil and Gas Field Services Industry," Cowles Foundation Discussion Papers 1645, Cowles Foundation for Research in Economics, Yale University.

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