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Did COVID-19 induce a reallocation wave?

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  • Consolo, Agostino
  • Petroulakis, Filippos

Abstract

Recent research has argued that the COVID-19 shock has also brought about a reallocation shock. We examine the evidence for such an occurrence in the United States, taking a broad perspective. We first consider micro data from CPS and JOLTS; there is no noticeable uptick in occupation or sector switches, nor churn, either at the aggregate level or the cross-section, or when broken down by firms’ size. We then examine whether mismatch unemployment has risen as a result of the pandemic; using an off-the-shelf multisector search and matching model, there is little evidence for an important role for mismatch in driving the elevated unemployment rate. Finally, we employ a novel Bayesian SVAR framework with sign restrictions to identify a reallocation shock; we find that it has played a relatively minor role in explaining labor market patterns in the pandemic, at least relative to its importance in earlier episodes. JEL Classification: E24, J63

Suggested Citation

  • Consolo, Agostino & Petroulakis, Filippos, 2022. "Did COVID-19 induce a reallocation wave?," Working Paper Series 2703, European Central Bank.
  • Handle: RePEc:ecb:ecbwps:20222703
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    Cited by:

    1. Felder, Rahel & Sheldon, George, 2023. "Ein System zur laufenden Messung der Knappheitsverhältnisse auf beruflichen Arbeitsmärkten in der Schweiz," Working papers 2023/10, Faculty of Business and Economics - University of Basel.
    2. Luca Citino & Edoardo Di Porto & Andrea Linarello & Francesca Lotti & Enrico Sette, 2023. "Creation, destruction and reallocation of jobs in italian firms: an analysis based on administrative data," Questioni di Economia e Finanza (Occasional Papers) 751, Bank of Italy, Economic Research and International Relations Area.

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    More about this item

    Keywords

    COVID-19; mismatch; reallocation;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J63 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Turnover; Vacancies; Layoffs

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