Organizational dynamics over the business cycle: a view on jobless recoveries
AbstractThis 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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Bibliographic InfoArticle provided by Federal Reserve Bank of St. Louis in its journal Review.
Volume (Year): (2005)
Issue (Month): Jul ()
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