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The Value of Specific Skills under Shock: High Risks and High Returns

Author

Listed:
  • Christian Eggenberger

    (University of Zurich)

  • Simon Janssen

    (Institute for Employment Research IAB (Nurnberg, Germany))

  • Uschi Backes-Gellner

    (University of Zurich)

Abstract

We study the causal effects of negative and positive demand shocks on the returns to specific skills by using variation from international trade shocks. To measure specific skills, we use task information from an official data set for career guidance and merge this information with a large register data set. Our results show that negative demand shocks result in larger earnings losses for workers with specific skills than for those with general skills, but workers with specific skills also profit much more from positive demand shocks. Thus, demand shocks lead to risk-return trade-offs for workers with specific skills.

Suggested Citation

  • Christian Eggenberger & Simon Janssen & Uschi Backes-Gellner, 2019. "The Value of Specific Skills under Shock: High Risks and High Returns," Economics of Education Working Paper Series 0158, University of Zurich, Department of Business Administration (IBW), revised Jul 2022.
    • Handle: RePEc:iso:educat:0158
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    4. Daniel Goller & Christian Gschwendt & Stefan C. Wolter, 2023. ""This time it's different" Generative Artificial Intelligence and Occupational Choice," Economics of Education Working Paper Series 0209, University of Zurich, Department of Business Administration (IBW).
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    6. Damiano Pregaldini & Uschi Backes-Gellner, 2021. "How Middle-Skilled Workers Adjust to Immigration: The Role of Occupational Skill Specificity," Economics of Education Working Paper Series 0193, University of Zurich, Department of Business Administration (IBW).
    7. Tobias Schlegel & Uschi Backes-Gellner, 2023. "The role of fields of study for the effects of higher education institutions on regional firm location," Small Business Economics, Springer, vol. 61(4), pages 1587-1656, December.
    8. Eggenberger, Christian & Backes-Gellner, Uschi, 2023. "IT skills, occupation specificity and job separations," Economics of Education Review, Elsevier, vol. 92(C).
    9. Chiara Zisler & Damiano Pregaldini & Uschi Backes-Gellner, 2023. "Opening doors for immigrants: The importance of occupational and workplace-based cultural skills for successful labor market entry," Economics of Education Working Paper Series 0204, University of Zurich, Department of Business Administration (IBW).
    10. Ding, Xiaoli & Cheng, Sang & Qin, Wenjing & Gu, Xin, 2023. "Does uncertainty affect graduates’ decision to relocate for work? Evidence at China’s city level," Economic Analysis and Policy, Elsevier, vol. 79(C), pages 10-19.
    11. Uschi Backes-Gellner, 2021. "Insights into the Economic Benefits of VPET for Individuals: Theoretical and Empirical Results for Researchers and Practitioners," Economics of Education Working Paper Series 0180, University of Zurich, Department of Business Administration (IBW).

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    More about this item

    Keywords

    demand shocks; human capital specificity; skill bundles;
    All these keywords.

    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
    • I20 - Health, Education, and Welfare - - Education - - - General

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