Cyclical risk, sectoral allocations and growth
Macroeconomic stabilization policy may encourage positive, long-term growth in the economy by reallocating resources to manufacturing. The study takes into account cyclical risk in the manufacturing industry. By influencing rewards and risks for different sectors, stabilization policy can have long-term effects. Growth is induced if individuals and capital move to manufacturing. Results show that if cyclical volatility for other sectors is eliminated, a third of a percentage point is added to the growth rate.
Publication Name: Journal of Macroeconomics
Worker flows and job flows in Danish manufacturing, 1980-91
A study was conducted to analyze the turnover of workers and occupations in Denmark's manufacturing industry from 1980 to 1991. The association between job flows and worker flows was examined using data on separations from and hires to existing jobs. Results indicated huge heterogeneity among workers and plans that adjusted to the level of job flows. Findings also showed that worker flow dynamics were significantly influenced by the decision of workers to quit to find better employment opportunities.
Publication Name: Economic Journal
The yen and Japanese manufacturing employment
Employment in the Japanese manufacturing industry is affected by fluctuations of the yen. Utilization of the two-level data from 1975 to 1994 revealed that a sizable impact is created by an exchange rate induced change in foreign industry-specific prices. High and low export sectors of the Japanese manufacturing industry were found to exhibit the same response to exchange rates.
Publication Name: Journal of International Money and Finance
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