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American Economic Journal: Macroeconomics: Vol. 2 No. 2 (April 2010)
AEJ: Macro Volume. 2, Issue 2 | 
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AEJ: Macro Forthcoming Articles
Business Volatility, Job Destruction, and Unemployment
Article Citation
Davis, Steven J.,
R. Jason Faberman,
John Haltiwanger,
Ron Jarmin, and
Javier Miranda. 2010. "Business Volatility, Job Destruction, and Unemployment."
American Economic Journal: Macroeconomics,
2(2): 259-87.
DOI: 10.1257/mac.2.2.259
DOI: 10.1257/mac.2.2.259
Abstract
Unemployment inflows fell from 4 percent of employment per month
in the early 1980s to 2 percent by the mid 1990s. Using low frequency
movements in industry-level data, we estimate that a 1 percentage
point drop in the quarterly job destruction rate lowers the
monthly unemployment inflow rate by 0.28 points. By our estimates,
declines in job destruction intensity account for 28 (55) percent of
the fall in unemployment inflows from 1982 (1990) to 2005. Slower
job destruction accounts for similar fractions of long-term declines
in the rate of unemployment. (JEL E24, E32, J64)
Article Full-Text Access
Full-text Article
Additional Materials
Download Data Set (1.33 MB) | Appendix (62.14 KB)
Authors
Davis, Steven J. (U Chicago)
Faberman, R. Jason (Federal Reserve Bank of Philadelphia)
Haltiwanger, John (U MD)
Jarmin, Ron (Center for Economics Studies, US Bureau of the Census)
Miranda, Javier (Center for Economics Studies, US Bureau of the Census)
Faberman, R. Jason (Federal Reserve Bank of Philadelphia)
Haltiwanger, John (U MD)
Jarmin, Ron (Center for Economics Studies, US Bureau of the Census)
Miranda, Javier (Center for Economics Studies, US Bureau of the Census)
JEL Classifications
E24: Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital
E32: Business Fluctuations; Cycles
J64: Unemployment: Models, Duration, Incidence, and Job Search
E32: Business Fluctuations; Cycles
J64: Unemployment: Models, Duration, Incidence, and Job Search
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