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Author : Robert S. Chirinko
Publisher :
ISBN 13 :
Total Pages : 140 pages
Book Rating : 4.3/5 ( download)
Download or read book Non-convexities, Labor Hoarding, Technology Shocks, and Procyclical Productivity written by Robert S. Chirinko and published by . This book was released on 1993 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Julio Rotemberg
Publisher : Forgotten Books
ISBN 13 : 9780331900910
Total Pages : 52 pages
Book Rating : 4.9/5 (9 download)
Download or read book Labor Hoarding, Inflexible Prices and Procyclical Productivity (Classic Reprint) written by Julio Rotemberg and published by Forgotten Books. This book was released on 2017-11-25 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Labor Hoarding, Inflexible Prices and Procyclical Productivity The phenomenon of procyclical physical productivity in the face of wars and other demand shocks has long been recognized. Businessmen have always appreciated the benefits of cyclical expansion: they are able to use their capacity more fully and so their costs per-unit fall. Countless empirical studies have demonstrated that increases in labor input over the business cycle are associated with more than proportional increases in output.1 The appropriate interpretation of the procyclicality of various productivity measures has long been a matter of debate among economists and has attracted renewed interest since the work of Hall (1987, This paper seeks to rehabilitate both theoretically and empirically an idea that has gone somewhat out of fashion-the notion that procyclical productivity regardless of how measured arises because it is costly for firms to adjust their capacity and so capacity utilization (both in terms of labor and capital) fluctuates over the business cycle. We believe that variations in the extent to which productivity is procyclical have more to do with differences in the extent of labor hoarding than with market power. Developing this line of argument also leads us to a perspective on the reasons why price often seems to exceed marginal cost in US industry which is somewhat different from Hall's. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author : Julio Rotemberg
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.3/5 ( download)
Download or read book Labor Hoarding, Inflexible Prices and Procyclical Productivity written by Julio Rotemberg and published by . This book was released on 1988 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hall has pointed out that, when there is perfect competition and price flexibility, labor hoarding alone will not induce the Solow residual measured using labor's share in revenues to be procyclical. We show that, even with perfect competition, a small amount of price rigidity - we assume firms must set price slightly before the level of demand becomes known - makes the extent of procyclical productivity depend mainly on the extent of labor hoarding. We show that indeed, whether productivity is measured via the Solow method using labor's share in revenues or using other methods, it tends to be more procyclical in industries and in nations where labor hoarding is more important.
Author : Craig Burnside
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.3/5 ( download)
Download or read book Labor Hoarding and the Business Cycle written by Craig Burnside and published by . This book was released on 1990 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Existing Real Business Cycle (RBC) models assume that the key impulses to business cycles are stochastic technology shocks. RBC analysts typically measure these technology shocks by the Solow residual. This paper assesses the sensitivity of inference based on Solow residual accounting to labor hoarding behavior. Our main results can be summarized as follows. First, the quantitative implications of RBC models are very sensitive to the possibility of labor hoarding. Allowing for such behavior reduces our estimate of the variance of technology shocks by 50%. Depending on the sample period investigated, this reduces the ability of technology shocks to account for aggregate output fluctuations by 30% to 60%. Second, our labor hoarding model is capable of quantitatively accounting for the observed correlation between government consumption and the Solow residual. Third, unlike standard RBC models, our labor hoarding model is consistent with three important qualitative features of the joint behavior of average productivity and hours worked: (i) average productivity and hours worked do not display any marked contemporaneous correlation, (ii) average productivity is positively correlated with future hours worked, and (iii) average productivity is negatively correlated with lagged hours worked.
Author : Domenico Marchetti
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.F/5 ( download)
Download or read book Procyclical Productivity, Externalities and Labor Hoarding written by Domenico Marchetti and published by . This book was released on 1994 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Martin Neil Baily
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 ( download)
Download or read book Labor Productivity written by Martin Neil Baily and published by . This book was released on 1996 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: A longstanding puzzle of empirical economics is that average labor productivity declines during recessions and increases during booms. This paper provides a framework to assess the empirical importance of competing hypotheses for explaining the observed procyclicality. For each competing hypothesis we derive the implications for cyclical productivity conditional on expectations of future demand and supply conditions. The novelty of the paper is that we exploit the tremendous heterogeneity in long-run structural changes across individual plants to identify the short-run sources of procyclical productivity. Our findings favor an adjustment cost model which involves a productivity penalty for downsizing as the largest source of procyclical labor productivity.
Author : Julio J. Rotemberg
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Labor hoarding, inflexible prices and procyclical productivity written by Julio J. Rotemberg and published by . This book was released on 1988 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Miguel Jiménez
Publisher : Taylor & Francis
ISBN 13 : 9780815329749
Total Pages : 194 pages
Book Rating : 4.3/5 (297 download)
Download or read book Cyclical Productivity in U.S. Manufacturing written by Miguel Jiménez and published by Taylor & Francis. This book was released on 1997 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work assesses empirically the various explanations for why productivity growth is procyclical. Some theories of business cycles state that productivity movements reflect changes in technology and are the driving force of economic fluctuations. This study investigates whether price-cost margins, externalities, or slow adjustment of the labor market can account for the behavior of productivity growth over the cycle. The application of standard econometric techniques to two different measures of productivity growth in American manufacturing industries, one based on quantities and one based on prices, shows that there is some labor hoarding, which is compatible with either margins or externalities.
Author : Robert J. Waldmann
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.F/5 ( download)
Download or read book Interpreting Procyclical Productivity written by Robert J. Waldmann and published by . This book was released on 1992 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Domenico Junior Marchetti
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (12 download)
Download or read book Procyclical Productivity, Externalities and Labor Hoarding written by Domenico Junior Marchetti and published by . This book was released on 1994 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Pau Rabanal
Publisher : International Monetary Fund
ISBN 13 : 1451875657
Total Pages : 68 pages
Book Rating : 4.4/5 (518 download)
Download or read book Technology Shocks and Aggregate Fluctuations written by Mr.Pau Rabanal and published by International Monetary Fund. This book was released on 2004-12-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.
Author : Régis Barnichon
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.E/5 ( download)
Download or read book Productivity, Aggregate Demand and Unemployment Fluctuations written by Régis Barnichon and published by . This book was released on 2008 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents new empirical evidence on the cyclical behavior of US unemployment that poses a challenge to standard search and matching models. The correlation between cyclical unemployment and the cyclical component of labor productivity switched sign in the mid 80s: from negative it became positive, while standard search models imply a negative correlation. I argue that the inconsistency arises because search models do not allow output to be demand determined in the short run, and I present a search model with nominal rigidities that can rationalize the empirical findings. In addition, I show that the interaction of hiring frictions and nominal frictions can generate a new propagation mechanism absent in standard new-Keynesian models.
Author : Argia M. Sbordone
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (37 download)
Download or read book Interpreting the Procyclical Productivity of Manufacturing Sectors written by Argia M. Sbordone and published by . This book was released on 1994 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John Shea
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.:/5 (245 download)
Download or read book What Do Technology Shocks Do? written by John Shea and published by . This book was released on 1998 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The real business cycle literature has largely ignored the empirical question of what role technology shocks actually play in business cycles. The observed procyclicality of total factor productivity (TFP) does not prove that technology shocks are important to business cycles, since demand shocks could generate procyclical TFP due to increasing returns or other reasons. I address the role of technology by investigating the dynamic interactions of inputs, TFP and two observable indicators of technology shocks: R+D spending and patent applications. Using annual panel data on 19 US manufacturing industries from 1959 -1991, I find that favorable R+D or patent shocks tend to increase inputs, especially labor, in the short run, but to decrease inputs in the long run, while tilting the mix of inputs towards capital and nonproduction labor. Favorable technology shocks do not significantly increase measured TFP at any horizon, except for a subset of industries dominated by process innovations, suggesting that available price data do not capture productivity improvements due to product innovations. Technology shocks explain only a small fraction of input and TFP volatility at business cycle horizons
Author : Ben Bernanke
Publisher : Princeton University Press
ISBN 13 : 9780691016986
Total Pages : 328 pages
Book Rating : 4.0/5 (169 download)
Download or read book Essays on the Great Depression written by Ben Bernanke and published by Princeton University Press. This book was released on 2000 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: These essays explore the Great Depression from the point of view of a scholar whose specialty is macroeconomics. His key assertion is that the Depression is informative about the current economy because it was enormous and it affected most of the world's countries.
Author : David Edward Lebow
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.3/5 ( download)
Download or read book The Covariability of Productivity Shocks Across Industries written by David Edward Lebow and published by . This book was released on 1990 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Régis Barnichon
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.E/5 ( download)
Download or read book The Shimer Puzzle and the Identification of Productivity Shocks written by Régis Barnichon and published by . This book was released on 2009 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
