Abstract
The business cycle properties of occupational employment have not yet been extensively explored because of inconsistencies in the aggregate employment series by occupation. Using consistent aggregate hours data constructed through the method of “conversion factors,” which was developed by the U.S. Census Bureau, we provide new empirical facts on the cyclical behaviors of occupational employment and discuss their implications. First, employment of the middle-skill occupation group is negatively affected by a technology shock, while those of high-skill and low-skill groups are positively correlated with it. Second, it is the middle-skill group that experiences the largest decline in employment volatility after the mid-1980s. Last, recessions since the 1980s have heterogeneous impacts on different occupations, defining the characteristics of each recession. We further discuss the value of having consistent employment data in studies of business cycles.
| Original language | English |
|---|---|
| Pages (from-to) | 402-415 |
| Number of pages | 14 |
| Journal | Economic Modelling |
| Volume | 59 |
| DOIs | |
| Publication status | Published - 2016 Dec 1 |
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All Science Journal Classification (ASJC) codes
- Economics and Econometrics
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New stylized facts on occupational employment and their implications : Evidence from consistent employment data. / Shim, Myungkyu; Yang, Hee Seung.
In: Economic Modelling, Vol. 59, 01.12.2016, p. 402-415.Research output: Contribution to journal › Article
TY - JOUR
T1 - New stylized facts on occupational employment and their implications
T2 - Evidence from consistent employment data
AU - Shim, Myungkyu
AU - Yang, Hee Seung
PY - 2016/12/1
Y1 - 2016/12/1
N2 - The business cycle properties of occupational employment have not yet been extensively explored because of inconsistencies in the aggregate employment series by occupation. Using consistent aggregate hours data constructed through the method of “conversion factors,” which was developed by the U.S. Census Bureau, we provide new empirical facts on the cyclical behaviors of occupational employment and discuss their implications. First, employment of the middle-skill occupation group is negatively affected by a technology shock, while those of high-skill and low-skill groups are positively correlated with it. Second, it is the middle-skill group that experiences the largest decline in employment volatility after the mid-1980s. Last, recessions since the 1980s have heterogeneous impacts on different occupations, defining the characteristics of each recession. We further discuss the value of having consistent employment data in studies of business cycles.
AB - The business cycle properties of occupational employment have not yet been extensively explored because of inconsistencies in the aggregate employment series by occupation. Using consistent aggregate hours data constructed through the method of “conversion factors,” which was developed by the U.S. Census Bureau, we provide new empirical facts on the cyclical behaviors of occupational employment and discuss their implications. First, employment of the middle-skill occupation group is negatively affected by a technology shock, while those of high-skill and low-skill groups are positively correlated with it. Second, it is the middle-skill group that experiences the largest decline in employment volatility after the mid-1980s. Last, recessions since the 1980s have heterogeneous impacts on different occupations, defining the characteristics of each recession. We further discuss the value of having consistent employment data in studies of business cycles.
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UR - http://www.scopus.com/inward/citedby.url?scp=84983802427&partnerID=8YFLogxK
U2 - 10.1016/j.econmod.2016.08.006
DO - 10.1016/j.econmod.2016.08.006
M3 - Article
VL - 59
SP - 402
EP - 415
JO - Economic Modelling
JF - Economic Modelling
SN - 0264-9993
ER -