The initial expansionary phase of the business cycle appears to be characterized by what commentators have labelled a puzzling "jobless recovery" phase i.e., rapid growth in productivity (and output) with relatively sluggish expansion in employment. We demonstrate that a jobless recovery is a natural byproduct of an economy where: [1] technological advancements favor some sectors relatively more than other sectors; [2] technology diffuses slowly; and [3] the sectoral reallocation of labor takes time.
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Paper provided by Society for Economic Dynamics in its series 2004 Meeting Papers with number
298.
Length: Date of creation: 2004 Date of revision: Handle: RePEc:red:sed004:298
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Find related papers by JEL classification: E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy