Author : Mr.Ippei Shibata
Publisher : International Monetary Fund
ISBN 13 : 1513546759
Total Pages : 30 pages
Book Rating : 4.5/5 (135 download)
Book Synopsis The Distributional Impact of Recessions: the Global Financial Crisis and the Pandemic Recession by : Mr.Ippei Shibata
Download or read book The Distributional Impact of Recessions: the Global Financial Crisis and the Pandemic Recession written by Mr.Ippei Shibata and published by International Monetary Fund. This book was released on 2020-06-19 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using the U.S. Current Population Survey data, this paper compares the distributional impacts of the Pandemic Crisis and those of the Global Financial Crisis in terms of (i) worker characteristics, (ii) job characteristics–“social” (where individuals interact to consume goods), “teleworkable” (where individuals have the option of working at home), and “essential” jobs (which were not subject to government mandated shut-downs during the recent recession), and (iii) wage distributions. We find that young and less educated workers have always been affected more in recessions, while women and Hispanics were more severely affected during the Pandemic Recession. Surprisingly, teleworkable, social and essential jobs have been historically less cyclical. This historical acyclicality of teleworkable occupations is attributable to its higher share of skilled workers. Unlike during the Global Financial Crisis, however, employment in social industries fell more whereas employment in teleworkable and essential jobs fell less during the Pandemic Crisis. Lastly, during both recessions, workers at low-income earnings have suffered more than top-income earners, suggesting a significant distributional impact of the two recessions.