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Excess Labor and the Business Cycle

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Ray C. Fair

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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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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1292.

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Date of creation: Mar 1984
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Handle: RePEc:nbr:nberwo:1292

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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. [Downloadable!] (restricted)
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  1. Marzio Galeotti & Louis J Maccini & Fabio Schiantarelli, 2002. "Inventories Employment and Hours," Economics Working Paper Archive 473, The Johns Hopkins University,Department of Economics. [Downloadable!]
    Other versions:
  2. Wen, Yi, 2003. "On the Optimal Volume of Labor Hoarding," Working Papers 03-14, Cornell University, Center for Analytic Economics. [Downloadable!]
  3. J. Bradford De Long & Lawrence H. Summers, 1986. "Are Business Cycles Symmetric?," NBER Working Papers 1444, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Julia Darby & Robert A Hart, . "Wages, Productivity and Work Intensity in the Great Depression," Working Papers 2002_7, Department of Economics, University of Glasgow, revised Jul 2002. [Downloadable!]
    Other versions:
  5. Yi Wen, 2005. "Labor hoarding and inventories," Working Papers 2005-040, Federal Reserve Bank of St. Louis. [Downloadable!]
  6. 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. [Downloadable!]
  7. Faria, Joao & Jellal, Mohamed, 2009. "Dynamic of Employment and Wages Incentives," MPRA Paper 17183, University Library of Munich, Germany. [Downloadable!]
  8. Robert A. Hart & J Malley (University of Glasgow), 1996. "Labor Productivity and the Cycle," Working Papers 9613, Department of Economics, University of Glasgow. [Downloadable!]
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