Structural Adjustment, Income Risk, and Human Capital Specificity

本项目将建立一个宏观经济模型，试图了解一个经济体应如何应对经济冲击（如贸易政策的重大变化、汇率大幅升值或重大技术变革）进行结构调整，以促使劳动力和其他生产要素在经济的不同部门之间重新分配。该模式的两个关键特征是人力资本的特殊性，即技能可能不容易在经济部门之间转移，以及收入风险市场不完整，因此调整的负担可能集中在失业工人身上，而不是有效分担。将对管理调整的各种政策进行定量评价。

This project will build a macroeconomic model to attempt to understand how an economy should manage structural adjustment to economic shocks (such as a substantial change in trade policy, significant exchange rate appreciation, or major technological change) in order to induce the reallocation of labour and other factors of production across different sectors of the economy. Two key features of the model will be human capital specificity, that is, skills may not be easily transferrable across sectors of the economy, and incomplete markets for income risk so that the burdens of adjustment may be concentrated on displaced workers rather than being efficiently shared. Various policies for managing adjustment will be evaluated quantitatively.