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Organizational dynamics over the business cycle: a view on jobless recoveries

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Author Info
Kathryn Koenders
Richard Rogerson

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Abstract

This paper proposes a new explanation for the apparent slow growth in employment during the past two recoveries. The authors' explanation emphasizes dynamics within growing organizations and the intertemporal substitution of organizational restructuring. A key implication of the analysis is that recoveries from recessions following long expansions will have slower employment growth. Empirical analysis shows that the recovery that began in 1970 also exhibited slow employment growth, consistent with this prediction of the analysis.

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Publisher Info
Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (2005)
Issue (Month): Jul ()
Pages: 555-580
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Handle: RePEc:fip:fedlrv:y:2005:i:jul:p:555-580:n:v.87no.4

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Keywords: Employment ; Recessions ; Business cycles;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. David Andolfatto & Glenn MacDonald, 2004. "Jobless Recoveries," Macroeconomics 0412014, EconWPA. [Downloadable!]
  2. Bertschek, Irene & Kaiser, Ulrich, 2001. "Productivity effects of organizational change : microeconometric evidence," ZEW Discussion Papers 01-32, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. R. Jason Faberman, 2008. "Job flows, jobless recoveries, and the Great Moderation," Working Papers 08-11, Federal Reserve Bank of Philadelphia. [Downloadable!]
  2. Kevin L. Kliesen, 2007. "How well does employment predict output?," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 433-446. [Downloadable!]
  3. Thijs van Rens, 2004. "Organizational Capital and Employment Fluctuations," Economics Working Papers 944, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
    Other versions:
  4. Andrew Figura & William Wascher, 2008. "The causes and consequences of economic restructuring: evidence from the early 21st century," Finance and Economics Discussion Series 2008-41, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  5. McKay, Alisdair & Reis, Ricardo, 2006. "The Brevity and Violence of Contractions and Expansions," CEPR Discussion Papers 5756, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  6. Mark J. Holmes & Brian Silverstone, 2005. "Okun's Law, Asymmetries and Jobless Recoveries in the United States: A Markov-Switching Approach," Working Papers in Economics 05/06, University of Waikato, Department of Economics. [Downloadable!]
    Other versions:
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