Sectoral Shocks, Specific Human Capital and Displaced Workers
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)
Volume (Year): 8 (2005)
Issue (Month): 1 (January)
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