A tale of two countries: A comparison of the aggregate effects of sectoral reallocation in the United States and Germany

Arbeitspapier

This paper compares the aggregate effects of sectoral reallocation in the United States and Western Germany using a stochastic volatility model of sectoral employment growth. Reallocative shocks have no effect on the natural rate of unemployment in either country, and there is mild evidence that reallocative shocks are contractionary over the cycle. The overall statistical contribution of such shocks to the cycle, however, is limited. Reallocative shocks do not appear to be to blame for the rise in trend unemployment in Germany in the 1980s or for a possible rise in trend unemployment in the United States following the Great Recession.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Kiel Working Paper ; No. 1721

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity ; Business Fluctuations; Cycles ; Human Capital; Skills; Occupational Choice; Labor Productivity ; Job, Occupational, and Intergenerational Mobility; Promotion
• Thema: Sectoral shifts ; reallocation ; natural rate ; unemployment ; turbulence ; stochastic volatility ; Strukturwandel ; Allokation ; Schock ; Sektorale Beschäftigungsstruktur ; Beschäftigungseffekt ; Natürliche Arbeitslosigkeit ; Konjunkturelle Arbeitslosigkeit ; Volatilität ; Stochastischer Prozess ; Schätzung ; Vergleich ; Deutschland ; USA

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Reicher, Christopher Phillip
• Ereignis: Veröffentlichung
• (wer): Kiel Institute for the World Economy (IfW)
• (wo): Kiel
• (wann): 2011

Weitere Informationen

• Handle: http://hdl.handle.net/10419/49393
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ