Abstract
We find that changes in hours volatilities since the mid-1980s are non-monotonic in skill levels: the standard deviation of detrended total hours of “middle-skilled” workers has substantially dropped, while that of “low-skilled” and “high-skilled” workers has slightly changed, which is robust to the different definitions of skill. We then use an analytically tractable dynamic firm model to show that these non-monotonic changes are driven by jobless recoveries that are observed only for middle-skilled workers since the mid-1980s.
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