Excess Labor and the Business Cycle
AbstractThis 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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Bibliographic InfoPaper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 692.
Length: 14 pages
Date of creation: Feb 1984
Date of revision:
Publication status: Published in American Economic Review (March 1985), 75(1): 239-245
Note: CFP 601.
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Postal: Yale University, Box 208281, New Haven, CT 06520-8281 USA
Phone: (203) 432-3702
Fax: (203) 432-6167
Web page: http://cowles.econ.yale.edu/
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA
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- 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.
- Marzio Galeotti & Louis J. Maccini & Fabio Schiantarelli, 2002.
"Inventories, Employment and Hours,"
Boston College Working Papers in Economics
522, Boston College Department of Economics.
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- J. Bradford De Long & Lawrence H. Summers, 1986. "Are Business Cycles Symmetric?," NBER Working Papers 1444, National Bureau of Economic Research, Inc.
- Robert A. Hart & J Malley (University of Glasgow), 1996. "Labor Productivity and the Cycle," Working Papers 9613, Business School - Economics, University of Glasgow.
- Faria, Joao & Jellal, Mohamed, 2009. "Dynamic of Employment and Wages Incentives," MPRA Paper 17183, University Library of Munich, Germany.
- Hart, Robert A. & Malley, James R., 2000.
"Marginal cost and price over the business cycle: comparative evidence from Japan and the United States,"
European Journal of Political Economy,
Elsevier, vol. 16(3), pages 547-569, September.
- 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.
- Wen, Yi, 2003. "On the Optimal Volume of Labor Hoarding," Working Papers 03-14, Cornell University, Center for Analytic Economics.
- 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).
- Julia Darby & Robert A. Hart, 2008. "Wages, Productivity, and Work Intensity in the Great Depression," Southern Economic Journal, Southern Economic Association, vol. 75(1), pages 91-103, July.
- Julia Darby & Robert A Hart, . "Wages, Productivity and Work Intensity in the Great Depression," Working Papers 2002_7, Business School - Economics, University of Glasgow, revised Jul 2002.
- 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.
- 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.
- 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.
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