Our analysis is based on our own survey conducted in Switzerland in 2011. Additionally, we inquire how workers’ sociability and subjective well-being were affected by job loss. We analyze the displaced workers’ reemployment prospects and study for reemployed workers the characteristics of their new jobs in terms of reemployment sectors, wages, and job quality. This study examines how plant closure affected individuals’ careers and lives about two years after they lost their job. Advanced age-and not low education-appears to be the primary obstacle to workers finding job satisfaction after being laid off because of market conditions.
This volume examines the economic, social, and psychological consequences of manufacturing plant closure at the individual level. The method of updating is based on the simple idea that job seekers are informed about successful matches of their former colleagues (Rees, 1966 Granovetter, 1974).
We then develop a dynamic reservation wage updating model. The individual post-displacement labor market histories allow for testing the Blanchard-Diamond (1994) ranking model for which we find no support. Idiosyncratic ability, job rotations prior to displacement, and differences in pre- and post-displacement job characteristics contribute most to observed variations in wages.
Interestingly, firm, rank, or job tenure do not explain observed wage differences. First, we detail how experience-related characteristics affect workers' labour market careers during a period of three years after the bankruptcy of the firm. We combine post-displacement survey data with information from a displacing firm's personnel files in order to reveal sources of worker heterogeneity in search time and wage losses.
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