全球智库信息集成服务系统(G2TT): Aggregate Hours Worked in OECD Countries: New Measurement and Implications for Business Cycles

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w17420
来源ID	Working Paper 17420
	Aggregate Hours Worked in OECD Countries: New Measurement and Implications for Business Cycles
	Lee E. Ohanian; Andrea Raffo
发表日期	2011-09-15
出版年	2011
语种	英语
摘要	We build a new quarterly dataset of aggregate hours worked consistent with standard NIPA constructs for 14 OECD countries over the last fifty years. We find that cyclical features of labor markets across countries differ markedly from the accepted empirical facts reported in the literature based on either just U.S. hours data, or based on cross-country employment data. We document that total hours worked in many OECD countries are about as volatile as output, that a relatively large fraction of labor market adjustment takes place along the intensive margin outside the United States, and that the volatility of total hours relative to output volatility has increased over time in almost all countries. We use these data to re-assess productivity and labor wedges during the Great Recession and during prior recessions. We find that the Great Recession in many OECD countries is a significant puzzle in that labor wedges are quite small, while those in the U.S. Great Recession - and those in previous European recessions - are much larger. These new data indicate that understanding cyclical labor fluctuations in OECD countries requires understanding why hours fluctuate so much more than previously considered, how and why labor markets changed so much in the last few years, why cyclical adjustment of hours per worker in countries with large firing costs is not even larger than observed, and why the Great Recession differs so much across countries.
主题	Macroeconomics ; International Economics ; International Macroeconomics ; Labor Economics ; Labor Supply and Demand
URL	https://www.nber.org/papers/w17420
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/575094
推荐引用方式 GB/T 7714	Lee E. Ohanian,Andrea Raffo. Aggregate Hours Worked in OECD Countries: New Measurement and Implications for Business Cycles. 2011.

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
w17420.pdf（257KB）	智库出版物		限制开放	CC BY-NC-SA	浏览