English, Article, Journal or magazine article edition: Costs of Business Cycles for Unskilled Workers Toshihiko Mukoyama; Aysegul Sahin

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Costs of Business Cycles for Unskilled Workers
Author
  • Toshihiko Mukoyama
  • Aysegul Sahin
Physical Description
  • preprint
Notes
  • This paper reconsiders the cost of business cycles under market incompleteness. Primarily, we focus on the heterogeneity in the cost among different skill groups. Unskilled workers are subject to a much larger risk of unemployment during recessions than are skilled workers. Moreover, unskilled workers earn less income, which limits their ability to self-insure. We examine how this heterogeneity in unemployment risk and income translates into heterogeneity in the cost of business cycles. We find that the welfare cost of business cycles for unskilled workers is substantially higher than the welfare cost for skilled workers.
  • Cost of Business Cycles, Incomplete Markets, Skill and Unemployment
  • RePEc:crd:wpaper:05002
Language
  • English
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