全球智库信息集成服务系统(G2TT): DP16008 Dynamic Labor Reallocation with Heterogeneous Skills and Uninsured Idiosyncratic Risk

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP16008
	DP16008 Dynamic Labor Reallocation with Heterogeneous Skills and Uninsured Idiosyncratic Risk
	Ester Faia; Marianna Kudlyak; Ekaterina Shabalina
发表日期	2021-04-04
出版年	2021
语种	英语
摘要	Occupational specificity of human capital motivates an important role of occupational reallocation for the economy's response to shocks and for the dynamics of inequality. We introduce occupational mobility, through a random choice model with dynamic value function optimization, into a multi-sector/multi-occupation Bewley-Aiyagari model with heterogeneous income risk, liquid and illiquid assets, price adjustment costs, and in which households differ by their occupation-specific skills. Labor income is a combination of endogenous occupational wages and idiosyncratic shock. Occupational reallocation and its impact on the economy depend on the transferability of workers' skills across occupations and occupational specialization of the production function. The model matches well the statistics on income and wealth inequality, and the patterns of occupational mobility. It provides a laboratory for studying the short- and long-run effects of occupational shocks, automation and task encroaching on income and wealth inequality. We apply the model to the pandemic recession by adding an SIR block with occupation-specific infection risk and a ZLB policy and study the impact of occupational and aggregate labor supply shocks. We find that occupational mobility may tame the effect of the shocks but amplifies earnings inequality, as compared to a model without mobility.
主题	Labour Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations
关键词	Occupational mobility Heterogeneous agents Skills Income and wealth inequality Discrete choice optimization
URL	https://cepr.org/publications/dp16008
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/544991
推荐引用方式 GB/T 7714	Ester Faia,Marianna Kudlyak,Ekaterina Shabalina. DP16008 Dynamic Labor Reallocation with Heterogeneous Skills and Uninsured Idiosyncratic Risk. 2021.