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Comparative Advantage in Cyclical Unemployment
Mark Bils,Yongsung Chang,Sun-Bin Kim 한국계량경제학회 2007 한국계량경제학회 학술대회 논문집 Vol.2007 No.2
We introduce worker differences in labor supply, reflecting differences in skills and assets, into a model of separations, matching, and unemployment over the business cycle. Separating from employment when unemployment duration is long is particularly costly for workers with high labor supply (low reservation wages). This predicts that workers with low labor supply will sort into the unemployment pool during recessions. This lowers the value of vacancies during recessions–low labor supply workers generate lower rents to employers– and exacerbates the cyclicality of vacancies and unemployment. We examine employment separations and wage cyclicality over the past twenty years for workers in the Survey of Income and Program Participation (SIPP). Separations are noticeably more countercyclical for workers who tend to work less. This pattern is mirrored in wage cyclicality; wages are less procyclical for those who work less.
Heterogeneity and Cyclical Unemployment
Mark Bils,Yongsung Chang,Sun-Bin Kim 한국계량경제학회 2008 한국계량경제학회 학술대회 논문집 Vol.2009 No.-
We model worker heterogeneity in the rents from being employed in a DiamondMortensen-Pissarides model of matching and unemployment. We show that heterogeneity, reflecting differences in match quality and worker assets, reduces the extent of fluctuations in separations and unemployment. We find that the model faces a tradeoff–it cannot produce both realistic dispersion in wages across workers and realistic cyclical fluctuations in unemployment.