Labor Market Anatomy of a Macroeconomic Crisis

Kevin Donovan, Will Jianyu Lu, Joseph H. Pedtke and Todd Schoellman

No 33061, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper uses two large datasets built from quarterly labor force surveys to provide a global perspective on labor market downturns. The distribution of the severity and duration of labor market downturns is strongly right skewed. The longest and most severe downturns are associated with crises, particularly financial crises, sudden stops, and house price busts. Manufacturing and construction are key sectors for propagation, as they account for more than half of the total decline in employment. Labor market downturns fall most on young and less-educated workers, who are less able to self-insure against idiosyncratic earnings risk.

JEL-codes: E24 E32 F0 (search for similar items in EconPapers)
Date: 2024-10
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