Arbeitspapier
Did COVID-19 induce a reallocation wave?
Recent research has argued that the COVID-19 shock has also brought about a reallocation shock. We examine the evidence for such an occurrence in the United States, taking a broad perspective. We first consider micro data from CPS and JOLTS; there is no noticeable uptick in occupation or sector switches, nor churn, either at the aggregate level or the cross-section, or when broken down by firms' s ize. We then examine whether mismatch unemployment has risen as a result of the pandemic; using an off-the-shelf multisector search and matching model, there is little evidence for an important role for mismatch in driving the elevated unemployment rate. Finally, we employ a novel Bayesian SVAR framework with sign restrictions to identify a reallocation shock; we find that it has played a relatively minor role in explaining labor market patterns in the pandemic, at least relative to its importance in earlier episodes.
- ISBN
-
978-92-899-5288-0
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 2703
- Klassifikation
-
Wirtschaft
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
Labor Turnover; Vacancies; Layoffs
- Thema
-
Reallocation
COVID-19
mismatch
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Consolo, Agostino
Petroulakis, Filippos
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2022
- DOI
-
doi:10.2866/738781
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Consolo, Agostino
- Petroulakis, Filippos
- European Central Bank (ECB)
Entstanden
- 2022