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Procyclical Productivity
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Book Synopsis New Developments in Productivity Analysis by : Charles R. Hulten
Download or read book New Developments in Productivity Analysis written by Charles R. Hulten and published by University of Chicago Press. This book was released on 2007-11-01 with total page 648 pages. Available in PDF, EPUB and Kindle. Book excerpt: The productivity slowdown of the 1970s and 1980s and the resumption of productivity growth in the 1990s have provoked controversy among policymakers and researchers. Economists have been forced to reexamine fundamental questions of measurement technique. Some researchers argue that econometric approaches to productivity measurement usefully address shortcomings of the dominant index number techniques while others maintain that current productivity statistics underreport damage to the environment. In this book, the contributors propose innovative approaches to these issues. The result is a state-of-the-art exposition of contemporary productivity analysis. Charles R. Hulten is professor of economics at the University of Maryland. He has been a senior research associate at the Urban Institute and is chair of the Conference on Research in Income and Wealth of the National Bureau of Economic Research. Michael Harper is chief of the Division of Productivity Research at the Bureau of Labor Statistics. Edwin R. Dean, formerly associate commissioner for Productivity and Technology at the Bureau of Labor Statistics, is adjunct professor of economics at The George Washington University.
Book Synopsis Labor Hoarding, Inflexible Prices and Procyclical Productivity (Classic Reprint) by : Julio Rotemberg
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.
Book Synopsis Cyclical Productivity in US Manufacturing (RLE: Business Cycles) by : Miguel Jimenez
Download or read book Cyclical Productivity in US Manufacturing (RLE: Business Cycles) written by Miguel Jimenez and published by Routledge. This book was released on 2015-03-27 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents several pieces of empirical work which disentangle why the standard measure of productivity growth used in macroeconomics turn out to be procyclical for American manufacturing industries. Procyclical productivity is an essential feature of business cycles because of its important implications for macroeconomic modelling. The author explains why traditional Keynesian theories of the business cycle do not explain satisfactorily why productivity is procyclical, and argues that the force of technology for generating economic cycles is much more important than that of the management or mismanagement of monetary or fiscal policies. This book is aimed at those working in empirical macroeconomics but also industrial economics.
Book Synopsis Why is Productivity Procyclical? by : Susanto Basu
Download or read book Why is Productivity Procyclical? written by Susanto Basu and published by . This book was released on 2000 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: Productivity rises in booms and falls in recessions. There are four main explanations for this procyclical productivity: (i) procyclical technology shocks, (ii) widespread imperfect competition and increasing returns, (iii) variable utilization of inputs over the cycle, and (iv) resource reallocations. Recent macroeconomic literature views this stylized fact of procyclical productivity as an essential feature of business cycles because each explanation has important implications for macroeconomic modeling. In this paper, we discuss empirical methods for assessing the importance of these four explanations. We provide microfoundations for our preferred approach of estimating an explicitly first-order approximation to the production function, using a theoretically motivated proxy for utilization. When we implement this approach, we find that variable utilization and resource reallocations are particularly important in explaining procyclical productivity. We also argue that the reallocation effects that we identify are not biases' they reflect changes in an economy's ability to produce goods and services for final consumption from given primary inputs of capital and labor. Thus, from a normative viewpoint, reallocations are significant for welfare; from a positive viewpoint, they constitute potentially important amplification and propagation mechanisms for macroeconomic modeling.
Book Synopsis Labor Hoarding, Inflexible Prices and Procyclical Productivity by : Julio Rotemberg
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.
Book Synopsis Procyclical Productivity by : Susanto Basu
Download or read book Procyclical Productivity written by Susanto Basu and published by . This book was released on 1993 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Procyclical Productivity by : Susanto Basu
Download or read book Procyclical Productivity written by Susanto Basu and published by . This book was released on 1995 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Procyclical Productivity by : Lucas Navarro
Download or read book Procyclical Productivity written by Lucas Navarro and published by . This book was released on 2001 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Procyclical Productivity by : Susanto Basu
Download or read book Procyclical Productivity written by Susanto Basu and published by . This book was released on 1993 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Interpreting Procyclical Productivity by : Robert J. Waldmann
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:
Book Synopsis Procyclical Productivity, Externalities and Labor Hoarding by : Domenico Marchetti
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:
Book Synopsis Productivity and the Business Cycle by : Domenico Marchetti
Download or read book Productivity and the Business Cycle written by Domenico Marchetti and published by Taylor & Francis. This book was released on 1997 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Three essays on the ways in which business cycles affect productivity review and criticize previous research, propose an dynamic model using gross output data, and provide a decomposition of industrial productivity growth in Polish manufacturing 1992-93 indicating the importance of structural effects. Annotation copyrighted by Book News, Inc., Portland, OR
Book Synopsis Three Essays on Productivity (RLE: Business Cycles) by : Mark J. Lasky
Download or read book Three Essays on Productivity (RLE: Business Cycles) written by Mark J. Lasky and published by Routledge. This book was released on 2015-03-27 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: The behaviour of US productivity since this book was originally publishedin 1994, has added new relevance to the relationship between profits and productivity. In the long run, productivity growth determines the economic standard of living. This book is divided into three parts: the basis of the first is the empirical finding that, controlling for normal business cycle effects, productivity grows faster when profits have been low than otherwise. The second part discusses how to measure marginal cost using time series data and the third tests a basic assumption that productivity growth is exogenous to labour and capital.
Book Synopsis Labor Productivity by : Martin Neil Baily
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.
Book Synopsis Interpreting the Procyclical Productivity of Manufacturing Sectors by : Argia M. Sbordone
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:
Book Synopsis Why is Productivity Procyclical? by : John G. Fernald
Download or read book Why is Productivity Procyclical? written by John G. Fernald and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Procyclical Productivity and Other Essays by : Robert James Waldmann
Download or read book Procyclical Productivity and Other Essays written by Robert James Waldmann and published by . This book was released on 1990 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt:
