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Long-Term Earnings Losses due to Job Separation During the 1982 Recession: An Analysis Using Longitudinal Administrative Data from 1974 to 2004

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  • Till von Wachter

    ()
    (Columbia University - Department of Economics)

  • Jae Song

    ()
    (Social Security Administration)

  • Joyce Manchester

    (Social Security Administration)

Abstract

We present new estimates of the long-run earnings consequences of job separations that occurred during the 1982 recession based on a representative sample of workers drawn from Social Security administrative earnings data ranging from 1974 to 2005. Workers permanently leaving their long-term employer in the period from 1980 to 1985 experienced large and persistent earnings reductions lasting 15 to 20 years compared to workers of similar age and earnings potential who did not leave their employer. Earnings losses last up to 15 years even for workers displaced in better economic times or after shorter job tenure. These losses arise both due to reductions in employment as well as to reductions in annual earnings for those working. These preliminary estimates appear to confirm results from single U.S. states or limited time periods suggesting that job loss can be very costly for affected workers.

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Bibliographic Info

Paper provided by Columbia University, Department of Economics in its series Discussion Papers with number 0708-16.

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Date of creation: 2008
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Handle: RePEc:clu:wpaper:0708-16

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Cited by:
  1. Raj Chetty & Amy Finkelstein, 2012. "Social Insurance: Connecting Theory to Data," NBER Working Papers 18433, National Bureau of Economic Research, Inc.
  2. Philip Jung, 2013. "Earnings losses and labor mobility over the lifecycle," 2013 Meeting Papers 771, Society for Economic Dynamics.
  3. Johannes F. Schmieder† & Till von Wachter & Stefan Bender, 2011. "The Effects Of Extended Unemployment Insurance Over The Business Cycle: Evidence From Regression Discontinuity Estimates Over Twenty Years," Boston University - Department of Economics - Working Papers Series WP2011-063, Boston University - Department of Economics.
  4. Michael Elsby & Bart Hobjin & Aysegül Sahin, 2010. "The labor market in the Great Recession," Working Paper Series 2010-07, Federal Reserve Bank of San Francisco.
  5. Christoph Basten & Andreas Fagereng & Kjetil Telle, 2012. "Saving and portfolio allocation before and after job loss," Discussion Papers 672, Research Department of Statistics Norway.
  6. Steven J. Davis & Till M. von Wachter, 2011. "Recessions and the Cost of Job Loss," NBER Working Papers 17638, National Bureau of Economic Research, Inc.
  7. Erwan Quintin & Sangeeta Pratap, 2009. "Financial Crises and Labor Market Turbulence," 2009 Meeting Papers 744, Society for Economic Dynamics.

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