The rise of part -time employment in the great recession: Its causes and macroeconomic effects
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Kang, Hyunju | - |
dc.contributor.author | Park, Jaevin | - |
dc.contributor.author | Suh, Hyunduk | - |
dc.date.accessioned | 2021-05-13T02:40:08Z | - |
dc.date.available | 2021-05-13T02:40:08Z | - |
dc.date.created | 2021-05-13 | - |
dc.date.issued | 2020-12 | - |
dc.identifier.issn | 0164-0704 | - |
dc.identifier.uri | http://scholarworks.bwise.kr/ssu/handle/2018.sw.ssu/40926 | - |
dc.description.abstract | During the Great Recession, the U.S. economy witnessed a substantial rise in part-time employment for a sustained period. We extend the New Keynesian unemployment model by Gali et al. (2012) to allow substitutions between full-time and part-time labor, and estimate the model's parameters by using the Bayesian method. In our model, households and firms can optimally allocate full-time and part-time labor, and disturbances exist in part-time labor supply (household disutility from part-time labor) and part-time labor demand (firms' efficiency to use part-time labor). As for the Great Recession, the initial increase in part-time employment at the outset of the financial crisis is mostly explained by the rise of the risk premia; the persistently high level of part-time employment in the later period is mainly explained by an exogenous increase in part time labor supply. A part-time labor supply shock also explains a significant portion of slow recovery in the gross wage during the recession, as the shock lowers the part-time wage and the proportion of full-time workers in total employment. Notably, the results from our model suggest that though the transition from full-time to part-time jobs contributed to mitigating the sharp contraction in total employment and labor force during the Great Recession, it played only a limited role in relieving recessionary pressure. | - |
dc.language | 영어 | - |
dc.language.iso | en | - |
dc.publisher | ELSEVIER | - |
dc.relation.isPartOf | JOURNAL OF MACROECONOMICS | - |
dc.title | The rise of part -time employment in the great recession: Its causes and macroeconomic effects | - |
dc.type | Article | - |
dc.identifier.doi | 10.1016/j.jmacro.2020.103257 | - |
dc.type.rims | ART | - |
dc.identifier.bibliographicCitation | JOURNAL OF MACROECONOMICS, v.66 | - |
dc.description.journalClass | 1 | - |
dc.identifier.wosid | 000615719000013 | - |
dc.citation.title | JOURNAL OF MACROECONOMICS | - |
dc.citation.volume | 66 | - |
dc.contributor.affiliatedAuthor | Park, Jaevin | - |
dc.type.docType | Article | - |
dc.description.isOpenAccess | N | - |
dc.subject.keywordAuthor | Part-time labor | - |
dc.subject.keywordAuthor | Great recession | - |
dc.subject.keywordAuthor | Unemployment | - |
dc.subject.keywordAuthor | New keynesian model | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Economics | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.
Soongsil University Library 369 Sangdo-Ro, Dongjak-Gu, Seoul, Korea (06978)02-820-0733
COPYRIGHT ⓒ SOONGSIL UNIVERSITY, ALL RIGHTS RESERVED.
Certain data included herein are derived from the © Web of Science of Clarivate Analytics. All rights reserved.
You may not copy or re-distribute this material in whole or in part without the prior written consent of Clarivate Analytics.