| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4415 |
| 来源ID | Working Paper 4415 |
| Labor Productivity During the Great Depression | |
| Michael D. Bordo; Charles L. Evans | |
| 发表日期 | 1993-08-01 |
| 出版年 | 1993 |
| 语种 | 英语 |
| 摘要 | In a recent paper, Bemanke and Parkinson (1991) studied interwar U.S. manufacturing data with the objective of assessing competing theories of the business cycle. An important finding was that short-run increasing returns to Labor (SRIRL), or procyclical labor productivity, was at least as strong during the Great Depression as in the postwar period. The authors conclude that this information casts further doubt on the real business cycle explanation of economic fluctuations. The purpose of this note is to point out that, within the data set analyzed by Bemanke and Parkinson (20% of the manufacturing sector), labor productivity during the Great Depression (1928:III to 1933:1) was procyclical in some industries and countercyclical in others. Furthermore, our measure of labor productivity for the entire manufacturing sector during this period was countercyclical. We conclude that the evidence is not favorable toward the hypothesis that large, negative aggregate demand shocks pushed the 1929-33 economy down a static, neoclassical production function. Another possibility is that firms which typically hoarded labor during recessions chose not to do so during the 1929-33 period. |
| 主题 | Macroeconomics ; Business Cycles ; History ; Macroeconomic History |
| URL | https://www.nber.org/papers/w4415 |
| 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/561787 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,Charles L. Evans. Labor Productivity During the Great Depression. 1993. |
| 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 | ||
| w4415.pdf（153KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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