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Business Cycle Properties of Job Polarization Using Consistent Occupational Data

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  • Myungkyu Shim
  • Hee-Seung Yang
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    Abstract

    A significant obstacle to studying business cycle properties of job polarization has been the presence of inconsistencies in aggregate employment data for different occupation groups. In order to overcome this problem, we construct aggregate hours series using the method of 'conversion factors', which was originally developed by the Bureau of Labor Statistics. After showing that our data outperform previously available data in terms of consistency, we analyze two business cycle properties of job polarization that have not yet been studied before: (1) the changes in volatility of employment of each occupation group since the mid-1980s and (2) the asymmetric effects of recessions on employment of different occupation groups. We find that employment volatility of middle-skill occupations has decreased by 40% since the mid-1980s due to jobless recoveries observed in the last three recessions.

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    Bibliographic Info

    Paper provided by Monash University, Department of Economics in its series Monash Economics Working Papers with number 17-14.

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    Length: 30 pages
    Date of creation: Apr 2014
    Date of revision:
    Handle: RePEc:mos:moswps:2014-17

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    Keywords: Business cycle; Job polarization; Consistency; Occupation; Conversion factor;

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