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Excess Labor and the Business Cycle

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Abstract

This paper compares the Medoff-Fay estimates of labor hoarding during troughs, which are based on data from manufacturing plants, with aggregate estimates of excess labor on hand.The two sets of estimates seem consistent, which provides a strong argument in favor of the excess labor hypothesis. This is one of the few examples in macroeconomics where a hypothesis has been so strongly confirmed using detailed micro data.

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File URL: http://cowles.econ.yale.edu/P/cd/d06b/d0692.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 692.

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Length: 14 pages
Date of creation: Feb 1984
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Publication status: Published in American Economic Review (March 1985), 75(1): 239-245
Handle: RePEc:cwl:cwldpp:692

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  1. 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.
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Cited by:
  1. Faria, Joao & Jellal, Mohamed, 2009. "Dynamic of Employment and Wages Incentives," MPRA Paper 17183, University Library of Munich, Germany.
  2. Galeotti, Marzio & Maccini, Louis J. & Schiantarelli, Fabio, 2002. "Inventories, Employment and Hours," IZA Discussion Papers 458, Institute for the Study of Labor (IZA).
  3. Darby, Julia & Hart, Robert A., 2002. "Wages, Productivity, and Work Intensity in the Great Depression," IZA Discussion Papers 543, Institute for the Study of Labor (IZA).
  4. Robert A Hart & James R Malley, 1995. "Marginal Cost and Price Over the Business Cycle: Comparative Evidence from Japan and the United States," Working Papers Series 95/13, University of Stirling, Division of Economics.
  5. J. Bradford De Long, 1990. "Interpreting Procyclical Productivity Movements: Evidence from a Cross-Nation Cross-Industry Panel," J. Bradford De Long's Working Papers _136, University of California at Berkeley, Economics Department.
  6. Craighead, William D., 2009. "Real rigidities and real exchange rate volatility," Journal of International Money and Finance, Elsevier, vol. 28(1), pages 135-147, February.
  7. Robert A. Hart & J Malley (University of Glasgow), 1996. "Labor Productivity and the Cycle," Working Papers 9613, Business School - Economics, University of Glasgow.
  8. Lapatinas, Athanasios, 2009. "Labour adjustment costs: Estimation of a dynamic discrete choice model using panel data for Greek manufacturing firms," Labour Economics, Elsevier, vol. 16(5), pages 521-533, October.
  9. Yi Wen, 2005. "Labor hoarding and inventories," Working Papers 2005-040, Federal Reserve Bank of St. Louis.
  10. J. Bradford De Long & Lawrence H. Summers, 1986. "Are Business Cycles Symmetric?," NBER Working Papers 1444, National Bureau of Economic Research, Inc.
  11. Wen, Yi, 2003. "On the Optimal Volume of Labor Hoarding," Working Papers 03-14, Cornell University, Center for Analytic Economics.

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