This article explores the relationships between the growth in the medical workforce in an aging society and employment in other sectors of the economy, based on data from the USA since 1985. Employment in medical services grew, but did not displace employment in other sectors uniformly. Instead,...

This paper compares the aggregate effects of sectoral reallocation in the United States and Western Germany using a stochastic volatility model of sectoral employment growth. Reallocative shocks have no effect on the natural rate of unemployment in either country, and there is mild evidence that...

In this paper, I estimate a series of long run reallocative shocks to sectoral employment using a stochastic volatility model of sectoral employment growth for the United States from 1960 through 2011. Reallocative shocks (which primarily measure construction and technology busts) have little...