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The long-run cost of job loss as measured by consumption changes
[journal article]
Abstract We consider the measurement of the cost of job displacement. With a Canadian panel survey we compare the consumption growth of households that experienced a permanent layoff to a control group of households that experienced a temporary layoff with known recall date. Because the firms employing the l... view more
We consider the measurement of the cost of job displacement. With a Canadian panel survey we compare the consumption growth of households that experienced a permanent layoff to a control group of households that experienced a temporary layoff with known recall date. Because the firms employing the latter group are providing insurance, these workers approximate a benchmark of full insurance against job loss shocks. We estimate that permanent layoffs experience an average consumption loss of between 4% and 10%. Older workers and workers with high job tenure have losses closer to the top of this range.... view less
Classification
Labor Market Research
Free Keywords
job displacement; consumption
Document language
English
Publication Year
2008
Page/Pages
p. 109-120
Journal
Journal of Econometrics, 145 (2008) 1-2
DOI
https://doi.org/10.1016/j.jeconom.2008.05.005
Status
Postprint; peer reviewed
Licence
PEER Licence Agreement (applicable only to documents from PEER project)