Download or read book The Costs of Job Displacement Over the Business Cycle and Its Sources written by Johannes F. Schmieder and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We document the sources behind the costs of job loss over the business cycle using administrative data from Germany. Losses in annual earnings after displacement are large, persistent, and highly cyclical, nearly doubling in size during downturns. A large part of the long-term earnings losses and their cyclicality is driven by declines in wages. Key to these long-lasting wage declines and their cyclicality are changes in employer characteristics, as displaced workers switch to lower-paying firms. Changes in characteristics of workers or displacing firms explain little of the cyclicality, though non-employment durations correlated with losses in employer effects play a role.

Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.

Download or read book The Disposable Work Force written by Thomas Moore and published by Routledge. This book was released on 2018-02-06 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: The twenty-first century has witnessed a transformation of the organization, opportunities, and terms of work. Downsizing, restructuring, and outsourcing are the forces altering employment relationships throughout the work force. Those who tend to see the future in a positive light view the evolving role between employer and employee as empowering for the individual. This book examines the consequences of economic instability due to job loss and the displacement of millions of workers. It draws upon case studies of worker displacement as well as national labor force surveys. Thomas S. Moore finds that consequences of economic instability are productivity slowdown, increased disparities in earnings and income, and higher average unemployment. He assesses the extent of job loss nationwide, its costs to the individuals directly affected, and the way in which the incidence of displacement and earnings loss has shifted over time. Although drawn from an earlier period, the data have an obvious relevance to today's labor markets. Moore argues for an employment and training system that gives employers an incentive to invest in the skills of their employees. Federally funded training programs have not improved the earning ability of displaced and disadvantaged workers, and state-sponsored programs tend to exclude those most in need of assistance. Moore suggests direct employer investment in the general skills of employees. Initially published in a different economic downturn, this continues to be a must read book for all economists, sociologists, and policymakers.

Download or read book Understanding the Sources of Earnings Losses After Job Displacement written by Andreas Gulyas and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We implement a generalized random forest (Athey et al., 2019) to a differencein-difference setting to identify substantial heterogeneity in earnings losses across displaced workers. Using administrative data from Austria over three decades we document that a quarter of workers face cumulative 11-year losses higher than 2 times their pre-displacement annual income, while almost 10% of individuals experience gains. Our methodology allows us to consider many competing theories of earnings losses. We find that the displacement firm's wage premia and the availability of well paying jobs in the local labor market are the two most important factors. This implies that earnings losses can be understood by mean reversion in firm wage premia and losses in match quality, rather than by a destruction of firm-specific human capital. We further show that 94% of the cyclicality of earnings losses is explained by compositional changes of displaced workers over the business cycle.

Download or read book Optimal Unemployment Insurance written by Andreas Pollak and published by Mohr Siebeck. This book was released on 2007 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designing a good unemployment insurance scheme is a delicate matter. In a system with no or little insurance, households may be subject to a high income risk, whereas excessively generous unemployment insurance systems are known to lead to high unemployment rates and are costly both from a fiscal perspective and for society as a whole. Andreas Pollak investigates what an optimal unemployment insurance system would look like, i.e. a system that constitutes the best possible compromise between income security and incentives to work. Using theoretical economic models and complex numerical simulations, he studies the effects of benefit levels and payment durations on unemployment and welfare. As the models allow for considerable heterogeneity of households, including a history-dependent labor productivity, it is possible to analyze how certain policies affect individuals in a specific age, wealth or skill group. The most important aspect of an unemployment insurance system turns out to be the benefits paid to the long-term unemployed. If this parameter is chosen too high, a large number of households may get caught in a long spell of unemployment with little chance of finding work again. Based on the predictions in these models, the so-called "Hartz IV" labor market reform recently adopted in Germany should have highly favorable effects on the unemployment rates and welfare in the long run.

Download or read book Job Loss from Imports written by Lori G. Kletzer and published by Peterson Institute. This book was released on 2001 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study of the medium-term effects of trade displacement on American workers, Kletzer uses worker-level data from the US Displaced Worker Surveys to examine the pattern of reemployment following trade-related job loss. She also analyzes regional and local labor market variations, and concludes by exploring the implications of her findings for US policy on linking the labor market and international trade.

Download or read book Back to Work United States Improving the Re employment Prospects of Displaced Workers written by OECD and published by OECD Publishing. This book was released on 2016-12-06 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: Job displacement (involuntary job loss due to firm closure or downsizing) affects many workers over their lifetime. This report looks at how this challenge is being tackled in the United States.

Download or read book Job Displacement Over the Business Cycle 1991 2001 written by and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines the Displaced Workers Survey (DWS) data released by the Bureau of Labor Statistics, and finds that a sizeable portion of displaced American workers have had difficulty finding new work, and have often taken significant pay cuts in their new jobs.

Download or read book A Guide to Worker Displacement written by Gary B. Hansen and published by International Labour Organisation. This book was released on 2009 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: This guide is an update To The 2001 Guide to worker displacement that was published as a response To The Asian financial crisis. The Guide, drawing on experience primarily in North America and during the transition process in Central and Eastern Europe, explores how enterprises, communities and workers can respond To The financial crisis and how to reduce potential job losses. This includes possible strategies for averting layoffs and promoting business retention by communities, enterprise managements and workers' association. The guide is primarily for use in industrialized and transition countries, and is aimed at policy makers, employers and workers in developing appropriate responses that promote worker retention and employment during the recession.

Download or read book Recessions and the cost of job loss written by Steven J. Davis and published by . This book was released on 2011 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop new evidence on the cumulative earnings losses associated with job displacement, drawing on longitudinal Social Security records for U.S. workers from 1974 to 2008. In present value terms, men lose an average of 1.4 years of pre-displacement earnings if displaced in mass-layoff events that occur when the national unemployment rate is below 6 percent. They lose a staggering 2.8 years of pre-displacement earnings if displaced when the unemployment rate exceeds 8 percent. These results reflect discounting at a 5% annual rate over 20 years after displacement. We also document large cyclical movements in the incidence of job loss and job displacement and present evidence on how worker anxieties about job loss, wage cuts and job opportunities respond to contemporaneous economic conditions. Finally, we confront leading models of unemployment fluctuations with evidence on the present value earnings losses associated with job displacement. The model of Mortensen and Pissarides (1994) extended to include search on the job generates present value losses only one-fourth as large as observed losses. Moreover, present value losses in the model vary little with aggregate conditions at the time of displacement, unlike the pattern in the data.

Download or read book Job Displacement and First Birth Over the Business Cycle written by Barbara Hofmann and published by . This book was released on 2017 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper investigates the impact of job displacement on women's first birth rates, and the variation in this effect over the business cycle. We used mass layoffs to estimate the causal effects of involuntary job loss on fertility in the short and medium term, up to five years after displacement. Our analysis is based on rich administrative data from Germany, with an observation period spanning more than 20 years. We apply inverse probability weighting (IPW) to flexibly control for the observed differences between women who were and were not displaced. To account for the differences in the composition of the women who were displaced in a downturn and the women who were displaced in an upswing, a double weighting estimator was employed. We find that the extent to which job displacement had adverse effects on fertility depended on the business cycle. The first birth rates of the women who were displaced in an economic downturn were much lower than the first birth rates of the women who lost a job in an economic upturn. This result cannot be explained by changes in the observed characteristics of the displaced women over the business cycle."--Abstract.

Download or read book Recessions and the Costs of Job Loss written by Steven J. Davis and published by . This book was released on 2015 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop new evidence on the cumulative earnings losses associated with job displacement, drawing on longitudinal Social Security records for U.S. workers from 1974 to 2008. In present value terms, men lose an average of 1.4 years of re-displacement earnings if displaced in mass layoff events that occur when the national unemployment rate is below 6 percent. They lose a staggering 2.8 years of pre-displacement earnings if displaced when the unemployment rate exceeds 8 percent. These results reflect discounting at a 5% annual rate over 20 years after displacement. We also document large cyclical movements in the incidence of job loss and job displacement and present evidence on how worker anxieties about job loss, wage cuts and job opportunities respond to contemporaneous economic conditions. Finally, we confront leading models of unemployment fluctuations with evidence on the present value earnings losses associated with job displacement. The model of Mortensen and Pissarides (1994) extended to include search on the job generates present value losses less than one-fourth as large as observed losses. Moreover, present value losses in the model vary little with aggregate conditions at the time of displacement, unlike the pattern in the data.

Download or read book Recessions and the Cost of Job Loss written by Steven J. Davis and published by . This book was released on 2011 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop new evidence on the cumulative earnings losses associated with job displacement, drawing on longitudinal Social Security records for U.S. workers from 1974 to 2008. In present value terms, men lose an average of 1.4 years of pre-displacement earnings if displaced in mass-layoff events that occur when the national unemployment rate is below 6 percent. They lose a staggering 2.8 years of pre-displacement earnings if displaced when the unemployment rate exceeds 8 percent. These results reflect discounting at a 5% annual rate over 20 years after displacement. We also document large cyclical movements in the incidence of job loss and job displacement and present evidence on how worker anxieties about job loss, wage cuts and job opportunities respond to contemporaneous economic conditions. Finally, we confront leading models of unemployment fluctuations with evidence on the present value earnings losses associated with job displacement. The model of Mortensen and Pissarides (1994) extended to include search on the job generates present value losses only one-fourth as large as observed losses. Moreover, present value losses in the model vary little with aggregate conditions at the time of displacement, unlike the pattern in the data -- National Bureau of Economic Research web site.

Download or read book The costs of involuntary job loss written by and published by . This book was released on 2012 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Job Displacement written by John T. Addison and published by . This book was released on 1991 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Distributional Analysis of Displacement Costs in an Economic Depression and Recovery written by Ossi Korkeamäki and published by . This book was released on 2008 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tiivistelmä suomeksi.

Download or read book The General Theory of Employment Interest and Money written by John Maynard Keynes and published by Springer. This book was released on 2018-07-20 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation. The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate.