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Hours Worked over the Business Cycle: Evidence from OECD Countries, 1960-2009

Author

Listed:
  • A. Raffo

    (Federal Reserve Board)

  • L. Ohanian

    (UCLA)

Abstract

Using a newly-constructed dataset on hours per worker for OECD countries, we characterize changes in labor supply over the business cycle. We then compare the cyclical properties of the labor wedge and provide some evidence on the behavior of labor markets across countries during the Great Recession.

Suggested Citation

  • A. Raffo & L. Ohanian, 2011. "Hours Worked over the Business Cycle: Evidence from OECD Countries, 1960-2009," 2011 Meeting Papers 558, Society for Economic Dynamics.
    • Handle: RePEc:red:sed011:558
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    References listed on IDEAS

    as
    1. Mortensen, Dale & Pissarides, Christopher, 2011. "Job Creation and Job Destruction in the Theory of Unemployment," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 1-19.
    2. Ohanian, Lee & Raffo, Andrea & Rogerson, Richard, 2008. "Long-term changes in labor supply and taxes: Evidence from OECD countries, 1956-2004," Journal of Monetary Economics, Elsevier, vol. 55(8), pages 1353-1362, November.
    3. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-1370, November.
    4. V. V. Chari & Patrick J. Kehoe & Ellen R. McGrattan, 2007. "Business Cycle Accounting," Econometrica, Econometric Society, vol. 75(3), pages 781-836, May.
    5. Robert Shimer, 2010. "Labor Markets and Business Cycles," Economics Books, Princeton University Press, edition 1, number 9217.
    6. Robert Shimer, 2010. "The Labor Wedge," Introductory Chapters, in: Labor Markets and Business Cycles, Princeton University Press.
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    Cited by:

    1. Greg Howard & Robert F. Martin & Beth Anne Wilson, 2011. "Are recoveries from banking and financial crises really so different?," International Finance Discussion Papers 1037, Board of Governors of the Federal Reserve System (U.S.).

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