| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w3503 |
| 来源ID | Working Paper 3503 |
| Procyclical Labor Productivity and Competing Theories of the Business Cycle: Some Evidence from Interwar U.S. Manufacturing Industries | |
| Ben S. Bernanke; Martin L. Parkinson | |
| 发表日期 | 1990-10-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | Each of the main explanations of procyclical labor productivity, or short-run increasing returns to labor (SRIRL), is closely associated with a competing theory of the business cycle: Real business cycle theorists attribute SRIRL to procyclical technological shocks, proponents of recent theories based on non-convexities believe that SRIRL reflects true increasing returns, and Keynesians favor a labor hoarding explanation. Thus evidence on the sources of SRIRL may be important for discriminating among alternative theories of the cycle. This paper studies the sources of SRIRL in a sample of ten interwar U.S. manufacturing industries. Our main findings are that SRIRL was common in the interwar period and that the pattern of SRIRL across industries was similar to that observed in the postwar period. we argue that, under the presumption that the Depression was not caused by large negative technological shocks, these findings are inconsistent with the technological shocks hypothesis and provide evidence against real business cycle theory in general. we propose tests for discriminating between the increasing returns and labor hoarding explanations but find that our conclusions differ by industry. |
| 主题 | Macroeconomics |
| URL | https://www.nber.org/papers/w3503 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560798 |
| 推荐引用方式 GB/T 7714 | Ben S. Bernanke,Martin L. Parkinson. Procyclical Labor Productivity and Competing Theories of the Business Cycle: Some Evidence from Interwar U.S. Manufacturing Industries. 1990. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w3503.pdf（280KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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