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Productive Recessions And Jobless Recoveries

Author

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  • John D. Burger
  • Jeremy S. Schwartz

Abstract

type="main" xml:id="coep12096-abs-0001"> We explore international variation in business cycle dynamics to gain insights into the recent pattern of robust productivity growth during downturns (productive recessions) and weak employment growth during recoveries (jobless recoveries) seen in some advanced economies. We find that sectoral change is associated with productive recessions but that labor market rigidity can impede reallocation and reduce the probability of a productive recession. We also find evidence of a link between productive recessions and jobless recoveries and that recessions dominated by reductions to employment, rather than changes in average employee hours, are more likely to be associated with jobless recoveries . ( JEL F44, E32)

Suggested Citation

  • John D. Burger & Jeremy S. Schwartz, 2015. "Productive Recessions And Jobless Recoveries," Contemporary Economic Policy, Western Economic Association International, vol. 33(4), pages 636-648, October.
    • Handle: RePEc:bla:coecpo:v:33:y:2015:i:4:p:636-648
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    File URL: http://hdl.handle.net/10.1111/coep.2015.33.issue-4
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    Citations

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    Cited by:

    1. James DeNicco & Christopher A. Laincz, 2018. "Jobless Recovery: A Time Series Look at the United States," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 46(1), pages 3-25, March.
    2. Pusateri, Nic, 2023. "Human capital heterogeneity of the unemployed and jobless recoveries," Journal of Macroeconomics, Elsevier, vol. 76(C).
    3. John D. Burger & Jeremy S. Schwartz, 2018. "Jobless Recoveries: Stagnation Or Structural Change?," Economic Inquiry, Western Economic Association International, vol. 56(2), pages 709-723, April.
    4. Alexandre Ounnas, 2020. "Job Polarization and the Labor Market: A Worker Flow Analysis," LIDAM Discussion Papers IRES 2020010, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    5. Fabio Méndez & Jared D. Reber & Jeremy Schwartz, 2016. "A New Approach to the Study of Jobless Recoveries," Southern Economic Journal, John Wiley & Sons, vol. 83(2), pages 573-589, October.
    6. Françoise Delmez, 2019. "Jobless recoveries after financial crises (and the key role of the extensive margin of employment)," LIDAM Discussion Papers IRES 2019015, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).

    More about this item

    JEL classification:

    • F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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