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Cost of Business Cycles for Unskilled Workers
This paper reconsiders the cost of business cycles under incomplete markets. Primarily, the authors focus on the heterogeneity in the cost of business cycles among agents with different skill levels. Unskilled workers are subject to a much larger risk of unemployment during recessions than are skilled workers.
Link
http://www.newyorkfed.org/research/staff_reports/sr214.pdf