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Sectoral Shocks, Specific Human Capital and Displaced Workers

  • Richard Rogerson

    (Arizona State University)

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)

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Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 8 (2005)
Issue (Month): 1 (January)
Pages: 89-105

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Handle: RePEc:red:issued:v:8:y:2005:i:1:p:89-105
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  1. repec:oup:restud:v:59:y:1992:i:2:p:375-88 is not listed on IDEAS
  2. Gary Hansen, 2010. "Indivisible Labor and the Business Cycle," Levine's Working Paper Archive 233, David K. Levine.
  3. Louis S. Jacobson & Robert J. LaLonde & Daniel G. Sullivan, 1992. "Earnings losses of displaced workers," Working Paper Series, Macroeconomic Issues 92-28, Federal Reserve Bank of Chicago.
  4. Chari, V V & Hopenhayn, Hugo, 1991. "Vintage Human Capital, Growth, and the Diffusion of New Technology," Journal of Political Economy, University of Chicago Press, vol. 99(6), pages 1142-65, December.
  5. Benhabib, Jess & Nishimura, Kazuo, 1983. "Competitive Equilibrium Cycles," Working Papers 83-30, C.V. Starr Center for Applied Economics, New York University.
  6. Lucas, Robert Jr. & Prescott, Edward C., 1974. "Equilibrium search and unemployment," Journal of Economic Theory, Elsevier, vol. 7(2), pages 188-209, February.
  7. Williamson, Stephen D, 1990. "Sectoral Shifts, Labor Market Sorting, and Aggregate Fluctuations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(4), pages 935-52, November.
  8. Richard Rogerson, 2010. "Indivisible Labor, Lotteries and Equilibrium," Levine's Working Paper Archive 250, David K. Levine.
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