| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9853 |
| DP9853 The Vanishing Procyclicality of Labor Productivity | |
| Jordi Gali; Thijs van Rens | |
| 发表日期 | 2014-03-02 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We document three changes in postwar US macroeconomic dynamics: (i) the procyclicality of labor productivity vanished, (ii) the relative volatility of employment rose, and (iii) the relative (and absolute) volatility of the real wage rose. We propose an explanation for all three changes that is based on a common source: the decline in labor market turnover, which reduced hiring frictions. We develop a simple model with hiring frictions, variable effort, and endogenous wage rigidities to illustrate the mechanisms underlying our explanation. We show that the decline in turnover may also have contributed to the observed decline in output volatility. |
| 主题 | International Macroeconomics ; Labour Economics |
| 关键词 | Effort choice Hiring frictions Labor hoarding Labor market turnover Wage rigidities |
| URL | https://cepr.org/publications/dp9853 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538687 |
| 推荐引用方式 GB/T 7714 | Jordi Gali,Thijs van Rens. DP9853 The Vanishing Procyclicality of Labor Productivity. 2014. |
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