This paper documents that the earnings cost of job loss is concentrated among workers who find reemployment in lower-skill occupations, and that the cost and incidence of such occupation displacement is higher for workers who lose their job during a recession. I propose a model where hiring is endogenously more selective during recessions, leading some unemployed workers to optimally search for reemployment in lower-skill jobs. The model accounts for existing estimates of the size and cyclicality of the present value cost of job loss, and the cost of entering the labor market during a recession. (JEL E24, E32, J23, J24, J31, J63, J64)

中文翻译：

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了解经济衰退的疤痕效应

本文记录了失业的收入成本集中在那些在低技能职业中找到再就业的工人身上，而在经济衰退期间失业的工人，这种职业转移的成本和发生率更高。我提出了一个模型，在该模型中，在经济衰退期间，招聘具有内在的选择性，导致一些失业工人以最佳方式寻找低技能工作的再就业机会。该模型考虑了对失业现值成本的规模和周期性的现有估计，以及在经济衰退期间进入劳动力市场的成本。(JEL E24、E32、J23、J24、J31、J63、J64)