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Oxford Economic Papers Advance Access originally published online on April 26, 2007
Oxford Economic Papers 2007 59(4):702-725; doi:10.1093/oep/gpm011
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Right arrow E24 - Employment; Unemployment; Wages; Intergenerational Income Distribution
Right arrow J23 - Labor Demand
Right arrow J24 - Human Capital; Skills; Occupational Choice; Labor Productivity
Right arrow J31 - Wage Level and Structure; Wage Differentials
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© Oxford University Press 2007 All rights reserved

Skill heterogeneity and equilibrium unemployment

Rebecca Riley* and Garry Young{dagger}

*National Institute of Economic and Social Research, 2 Dean Trench Street, Smith Square, London SW1P 3HE; e-mail: r.riley{at}niesr.ac.uk
{dagger}Bank of England


  Abstract

Opportunities facing skilled and unskilled workers diverged over the last quarter of the twentieth century in the UK. We develop an empirical framework consistent with these trends that highlights the importance of skill heterogeneity in both wage setting and labour demand in explaining aggregate labour market outcomes. The framework enables us to quantify the macroeconomic effects of shocks that impact particularly on one group rather than another.

Key Words: JEL classifications: E24 • J23


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