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Occupational Diversification, Offshoring and Labor Market Volatility

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  • Bardhan, Ashok
  • Tang, John

Abstract

Are occupations that are well diversified across sectors less volatile, and less susceptible to external shocks? Most external shocks (e.g. manufacturing offshoring, oil shocks) impact the labor market along sectoral lines, i.e. they impact product and output markets; consequently, they affect employment in various occupations. Some shocks, however, like services offshoring, affect horizontals or occupations. We find that an occupation spread across many industrial sectors is less volatile in terms of numbers employed and the average wage. A dummy variable for offshoreable occupations does not affect the results; however, geographically clustered occupations seem more “at-risk,” after accounting for sectoral diversification.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 3168.

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Date of creation: 01 Oct 2006
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Handle: RePEc:pra:mprapa:3168

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Keywords: offshoring; external shocks; labor market volatility; occupations; diversification; geographic clusters;

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  1. Merton, Robert C, 1973. "An Intertemporal Capital Asset Pricing Model," Econometrica, Econometric Society, Econometric Society, vol. 41(5), pages 867-87, September.
  2. David Autor & Frank Levy & Richard Murnane, 2003. "The skill content of recent technological change: an empirical exploration," Proceedings, Federal Reserve Bank of San Francisco, Federal Reserve Bank of San Francisco, issue Nov.
  3. Alan S. Blinder, 2005. "Fear of Offshoring," Working Papers, Princeton University, Department of Economics, Center for Economic Policy Studies. 83, Princeton University, Department of Economics, Center for Economic Policy Studies..
  4. Ross, Stephen A., 1976. "The arbitrage theory of capital asset pricing," Journal of Economic Theory, Elsevier, Elsevier, vol. 13(3), pages 341-360, December.
  5. Agmon, Tamir & Lessard, Donald R, 1977. "Investor Recognition of Corporate International Diversification," Journal of Finance, American Finance Association, American Finance Association, vol. 32(4), pages 1049-55, September.
  6. Crocker H. Liu & Jianping Mei, 1998. "The Predictability of International Real Estate Markets, Exchange Rate Risks and Diversification Consequences," Real Estate Economics, American Real Estate and Urban Economics Association, American Real Estate and Urban Economics Association, vol. 26(1), pages 3-39.
  7. Harry Markowitz, 1952. "Portfolio Selection," Journal of Finance, American Finance Association, American Finance Association, vol. 7(1), pages 77-91, 03.
  8. Demsetz, Rebecca S & Strahan, Philip E, 1997. "Diversification, Size, and Risk at Bank Holding Companies," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 29(3), pages 300-313, August.
  9. William F. Sharpe, 1964. "Capital Asset Prices: A Theory Of Market Equilibrium Under Conditions Of Risk," Journal of Finance, American Finance Association, American Finance Association, vol. 19(3), pages 425-442, 09.
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