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Labor Market Anatomy of a Macroeconomic Crisis

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Listed:
  • Kevin Donovan
  • Will Jianyu Lu
  • Joseph H. Pedtke
  • Todd Schoellman

Abstract

This paper uses two large datasets built from quarterly labor force surveys to provide a global perspective on labor market downturns. The distribution of the severity and duration of labor market downturns is strongly right skewed. The longest and most severe downturns are associated with crises, particularly financial crises, sudden stops, and house price busts. Manufacturing and construction are key sectors for propagation, as they account for more than half of the total decline in employment. Labor market downturns fall most on young and less-educated workers, who are less able to self-insure against idiosyncratic earnings risk.

Suggested Citation

  • Kevin Donovan & Will Jianyu Lu & Joseph H. Pedtke & Todd Schoellman, 2024. "Labor Market Anatomy of a Macroeconomic Crisis," NBER Working Papers 33061, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:33061
    Note: DEV EFG IFM
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    More about this item

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F0 - International Economics - - General

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