코로나충격과 취업자의 대규모 변동분석: 고용탄력성 해석

This paper aims to look at the effect of Covid 19 shock on the labor market thorough the employment elasticity. The observed employment fluctuations under Covid 19 shock is summarized as following. Employment has decreased but has increased by unprecedented scales in 2020 and 2022 respectively. This attempts to check whether such great employment fluctuations can be explained by the concept of employment elasticity. If so, we can get its implications on the labor markets. One can think of two cases in which employment fluctuations are larger than the average. First, it is the case that employment changes a lot following large GDP fluctuations, with no change in employment elasticity. Second case is that employment elasticity itself increases, which means that employment fluctuations are greater than the GDP fluctuations. The estimated employment elasticity in 2020 and 2022 are 1.133 and 1.170 respectively, which are three times larger than the average value of 0.3 to 0.4. This paper attempts to identify which structural parameters of labor market is responsible for the large increase of employment elasticity. The result of this paper suggests that output elasticity of labor demand is a key parameter which can explain the large change of employment elasticity.