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Procyclical Productivity in Manufacturing

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  • Lucas Navarro
  • Raimundo Soto

Abstract

We study the cyclical behavior of labor productivity in eighty industries of the Chilean manufacturing sector in the 1979-2001 period. We find that labor productivity at the sector level is procyclical but it is a-cyclical when using aggregate data. We pr

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Bibliographic Info

Article provided by Instituto de Economía. Pontificia Universidad Católica de Chile. in its journal Cuadernos de Economía-Latin American Journal of Economics.

Volume (Year): 43 (2006)
Issue (Month): 127 ()
Pages: 193-220

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Handle: RePEc:ioe:cuadec:v:43:y:2006:i:127:p:193-220

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Keywords: Productivity; procyclical; manufacturing; aggregation bias;

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References

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  1. Hart, Robert A & Malley, James R, 1999. "Procyclical Labour Productivity: A Closer Look at a Stylized Fact," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 66(264), pages 533-50, November.
  2. Raphael Bergoeing & Patrick J. Kehoe & Raimundo Soto, 2001. "A Decade Lost and Found: Mexico and Chile in the 1980s," Working Papers Central Bank of Chile 107, Central Bank of Chile.
  3. Peter K. Schott & Andrew B. Bernard & Stephen J. Redding, 2005. "Products and Productivity," NBER Working Papers 11575, National Bureau of Economic Research, Inc.
  4. Rómulo A. Chumacero & Klaus Schmidt-Hebbel, 2004. "General Equilibrium Models: An Overview," Working Papers Central Bank of Chile 307, Central Bank of Chile.
  5. Hodrick, Robert J & Prescott, Edward C, 1997. "Postwar U.S. Business Cycles: An Empirical Investigation," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 29(1), pages 1-16, February.
  6. Raphael Bergoeing & Norman Loayza, 2004. "Slow Recoveries," 2004 Meeting Papers 244, Society for Economic Dynamics.
  7. Schor, Adriana, 2004. "Heterogeneous productivity response to tariff reduction. Evidence from Brazilian manufacturing firms," Journal of Development Economics, Elsevier, vol. 75(2), pages 373-396, December.
  8. Craig Burnside & Martin Eichenbaum & Sergio Rebelo, 1990. "Labor Hoarding and the Business Cycle," NBER Working Papers 3556, National Bureau of Economic Research, Inc.
  9. Basu, Susanto, 1996. "Procyclical Productivity: Increasing Returns or Cyclical Utilization?," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 111(3), pages 719-51, August.
  10. Inklaar, Robert, 2005. "Cyclical productivity in Europe and the United States, evaluating the evidence on returns to scale and input utilization," GGDC Research Memorandum 200574, Groningen Growth and Development Centre, University of Groningen.
  11. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, Econometric Society, vol. 50(6), pages 1345-70, November.
  12. Carlos Casacuberta & Nestor Gandelman & Raimundo Soto, 2007. "Long-run growth and productivity changes in Uruguay: Evidence from aggregate and industry level data," International Journal of Development Issues, Emerald Group Publishing, Emerald Group Publishing, vol. 6(2), pages 106-124, October.
  13. Eslava, Marcela & Haltiwanger, John & Kugler, Adriana & Kugler, Maurice, 2004. "The effects of structural reforms on productivity and profitability enhancing reallocation: evidence from Colombia," Journal of Development Economics, Elsevier, vol. 75(2), pages 333-371, December.
  14. John G. Fernald & Susanto Basu, 1999. "Why is productivity procyclical? Why do we care?," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 638, Board of Governors of the Federal Reserve System (U.S.).
  15. Rodrigo Fuentes & Mauricio Larraín & Klaus Schmidt-Hebbel, 2006. "Sources of Growth and Behavior of TFP in Chile," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 43(127), pages 113-142.
  16. Miguel Jimenez & Domenico Marchetti, 2002. "Interpreting the procyclical productivity of manufacturing sectors: can we really rule out external effects?," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 34(7), pages 805-817.
  17. Raphael Bergoeing & Andrea Repetto, 2006. "Micro Efficiency and Aggregate Growth in Chile," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 43(127), pages 169-192.
  18. Julio J. Rotemberg, 1999. "A Heuristic Method for Extracting Smooth Trends from Economic Time Series," NBER Working Papers 7439, National Bureau of Economic Research, Inc.
  19. Alexis Camhi & Eduardo Engel & Alejandro Micco, 1997. "Dinámica de empleo y productividad en manufactura: Evidencia micro y consecuencias macro," Documentos de Trabajo, Centro de Economía Aplicada, Universidad de Chile 19, Centro de Economía Aplicada, Universidad de Chile.
  20. King, R.G. & Rebelo, S.T., 1989. "Low Frequency Filtering And Real Business Cycles," RCER Working Papers 205, University of Rochester - Center for Economic Research (RCER).
  21. Fay, Jon A & Medoff, James L, 1985. "Labor and Output over the Business Cycle: Some Direct Evidence," American Economic Review, American Economic Association, vol. 75(4), pages 638-55, September.
  22. Caballero, Ricardo J. & Lyons, Richard K., 1992. "External effects in U.S. procyclical productivity," Journal of Monetary Economics, Elsevier, vol. 29(2), pages 209-225, April.
  23. Raphael Bergoeing & Patrick J. Kehoe & Timothy J. Kehoe & Raimundo Soto, 2002. "Data Appendix to A Decade Lost and Found: Mexico and Chile in the 1980s," Technical Appendices bergoeing02, Review of Economic Dynamics.
  24. Harvey, A C & Jaeger, A, 1993. "Detrending, Stylized Facts and the Business Cycle," Journal of Applied Econometrics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 8(3), pages 231-47, July-Sept.
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Cited by:
  1. Klaus Schmidt-Hebbel, 2006. "Chile’s Economic Growth," Working Papers Central Bank of Chile 365, Central Bank of Chile.

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