| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16861 |
| DP16861 The Effect of Labor Market Shocks Across the Life Cycle | |
| Kjell G Salvanes; Barton Willage; Alexander Willén | |
| 发表日期 | 2022-01-05 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Adverse economic shocks occur frequently and may cause individuals to reevaluate key life decisions in ways that have lasting consequences for themselves and the broader economy. These life decisions are fundamentally tied to specific periods of an individual’s career, and economic shocks may therefore have substantially different impacts on individuals – and the broader economy - depending on when they occur. We exploit mass layoffs and establishment closures to examine the impact of adverse shocks across the life cycle on labor market outcomes and major life decisions: human capital investment, mobility, family structure, and retirement. Our results reveal substantial heterogeneity on labor market effects and life decisions in response to economic shocks across the life cycle. Individuals at the beginning of their careers invest in human capital and relocate to new local labor markets, individuals in the middle of their careers reduce fertility and adjust family formation decisions, and individuals at the end of their careers permanently exit the workforce and retire. As a consequence of the differential interactions between economic shocks and life decisions, the very long-term career implications of labor shocks vary considerably depending on when the shock occurs. We also document important heterogeneity across genders and education levels, both with respect to the immediate impact as well as the sum total of all these effects in the very long-term. We conclude that effects of adverse labor shocks are both more varied and more extensive than has previously been recognized, and that focusing on average effects among workers across the life cycle misses a great deal. |
| 主题 | Labour Economics |
| 关键词 | Labor supply Human capital Education Fertility Family formation Mobility Retirement Disability Economic shocks Job displacement |
| URL | https://cepr.org/publications/dp16861 |
| 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/545786 |
| 推荐引用方式 GB/T 7714 | Kjell G Salvanes,Barton Willage,Alexander Willén. DP16861 The Effect of Labor Market Shocks Across the Life Cycle. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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