The Effect of Restructuring on Unemployment

40 Pages Posted: 4 Jan 2004

See all articles by Andrew Figura

Andrew Figura

Board of Governors of the Federal Reserve System - Macroeconomic Analysis Section

Date Written: October 2003

Abstract

This paper finds that the permanent job losses associated with industrial restructuring have significantly boosted the variance of unemployment, causing it to rise much higher in recessions than it would have without cyclically correlated restructuring. Moreover, the influence of restructuring has increased noticeably in the 1980s and 1990s, acting to increase economic instability at a time when other factors were operating to reduce it.

Keywords: Restructuring, unemployment, job flows

JEL Classification: E24, E32, J64

Suggested Citation

Figura, Andrew, The Effect of Restructuring on Unemployment (October 2003). Available at SSRN: https://ssrn.com/abstract=483542 or http://dx.doi.org/10.2139/ssrn.483542

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