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Economic Perspectives, Vol. 21, 3rd, No. 3, April 1997
Measuring labor market turbulence
Increased economic turbulence leads to increases in the full unemployment. This article proposes a measure of economic turbulence using data on employment share across broad industry categories. The effect of the business cycle on employment shares has been removed to allow for a measure of turbulence that reflects only idiosyncratic shocks to the various sectors.

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