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The Cyclical and Secular Behaviour of the Labour Input: Comparing Efficiency Units and Hours Worked

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  • Hansen, G D

Abstract

A monthly labor input series designed to correct for the fact that all hours worked are not of the same quality is constructed and its properties compared with unadjusted hours worked. This efficiency unites series is constructed from BLS data on hours worked and earnings by age and sex. The cyclical fluctuations displayed by the efficiency units series are smaller on average than those displayed by hours worked, although the difference is not large. However, the secular behavior of the series is quite different: hours worked per capita displays a significant positive trend while efficiency units per capita does not. Copyright 1993 by John Wiley & Sons, Ltd.

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  • Hansen, G D, 1993. "The Cyclical and Secular Behaviour of the Labour Input: Comparing Efficiency Units and Hours Worked," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 8(1), pages 71-80, Jan.-Marc.
  • Handle: RePEc:jae:japmet:v:8:y:1993:i:1:p:71-80
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    1. Scheinkman, Jose A & LeBaron, Blake, 1989. "Nonlinear Dynamics and Stock Returns," The Journal of Business, University of Chicago Press, vol. 62(3), pages 311-337, July.
    2. Brock, William A. & Sayers, Chera L., 1988. "Is the business cycle characterized by deterministic chaos?," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 71-90, July.
    3. Hamilton, James D, 1989. "A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle," Econometrica, Econometric Society, vol. 57(2), pages 357-384, March.
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