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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

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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Bibliographic 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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Related research

Keywords: Employment ; Recessions ; Business cycles;

References

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  1. 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.
  2. David Andolfatto & Glenn MacDonald, 2004. "Jobless Recoveries," Macroeconomics 0412014, EconWPA.
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Citations

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Cited by:
  1. 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.
  2. Todd Neumann & Jason Taylor & Price Fishback, 2013. "Fluctuations in Weekly Hours and Total Hours Worked Over the Past 90 Years and the Importance of Changes in Federal Policy Toward Job Sharing," NBER Working Papers 18816, National Bureau of Economic Research, Inc.
  3. Thijs van Rens, 2004. "Organizational capital and employment fluctuations," Economics Working Papers 944, Department of Economics and Business, Universitat Pompeu Fabra.
  4. McKay, Alisdair & Reis, Ricardo, 2008. "The brevity and violence of contractions and expansions," Journal of Monetary Economics, Elsevier, vol. 55(4), pages 738-751, May.
  5. Arpaia, Alfonso & Curci, Nicola, 2010. "EU labour market behaviour during the Great Recession," MPRA Paper 22393, University Library of Munich, Germany.
  6. Kevin L. Kliesen, 2007. "How well does employment predict output?," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 433-446.
  7. Keisuke Otsu & Masashi Saito, 2011. "Organizational Dynamics and Aggregate Fluctuations: The Role of Financial Relationships," Studies in Economics 1102, Department of Economics, University of Kent.
  8. David Berger, 2012. "Countercyclical Restructuring and Jobless Recoveries," 2012 Meeting Papers 1179, Society for Economic Dynamics.
  9. 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.).
  10. R. Jason Faberman, 2008. "Job flows, jobless recoveries, and the Great Moderation," Working Papers 08-11, Federal Reserve Bank of Philadelphia.

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