Journal of Economic Theory and Econometrics: Journal of the Korean Econometric Society
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Journal of Economic Theory and Econometrics
JETEM/계량경제학보/計量經濟學報/JKES
Journal of the Korean Econometric Society

Youth Unemployment over the Business Cycle: An Analysis of Job-finding and Job-separation Hazards

Vol.23, No.4, December , 312–338


English Version |  Korean Version
  •   (Korea Labor Institute)

  •   (Seoul National University)

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Abstract  

We analyze and document youth unemployment over the business cycle. Unlike the received wisdom from the recent macroeconomics that changes in job-finding hazard are the main driving force of unemployment dynamics, we find that both job-finding and job-separation hazards are equally important elements that account for unemployment dynamics in Korea. We find some evidence that not only job instability has been increased but labor allocation efficiency has been improved. Some useful implications are discussed for better understanding of macroeconomy and labor market policies.


Keywords
   business cycles, unemployment, job-finding and job-separation hazards, search model, unemployment dynamics

JEL classification codes
   E24, E32
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