Employment, Hours, and Earnings in the Depression: An Analysis of EightManufacturing Industries
This paper employs monthly, industry-level data in a study of Depression-era labor markets. As in Robert Lucas (1970), the model usedhere assumes that employers can vary total labor input not only by changing the number of workers but also by changing the length of thework week. (This assumption seems particularly relevant to the 1930s, aperiod in which work weeks fluctuated sharply.) With aggregate demandtreated as exogenous and in conjunction with additional elements, themodel seems able to provide an empirical explanation of the behavior ofthe key labor market time series, including hours of work and real wages. Copyright 1986 by American Economic Association.
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Volume (Year): 76 (1986)
Issue (Month): 1 (March)
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- Rosen, Harvey S & Quandt, Richard E, 1978. "Estimation of a Disequilibrium Aggregate Labor Market," The Review of Economics and Statistics, MIT Press, vol. 60(3), pages 371-79, August.
- Lucas, Robert E, Jr & Rapping, Leonard A, 1969. "Real Wages, Employment, and Inflation," Journal of Political Economy, University of Chicago Press, vol. 77(5), pages 721-54, Sept./Oct.
- Yellen, Janet L, 1984. "Efficiency Wage Models of Unemployment," American Economic Review, American Economic Association, vol. 74(2), pages 200-205, May.
- Altonji, Joseph & Ashenfelter, Orley, 1980. "Wage Movements and the Labour Market Equilibrium Hypothesis," Economica, London School of Economics and Political Science, vol. 47(187), pages 217-45, August.
- Altonji, Joseph G, 1982. "The Intertemporal Substitution Model of Labour Market Fluctuations: An Empirical Analysis," Review of Economic Studies, Wiley Blackwell, vol. 49(5), pages 783-824, Special I.
- Rotemberg, Julio J, 1982. "Sticky Prices in the United States," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1187-1211, December.
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