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The Vanishing Procyclicality of Labour Productivity

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  • GalÌ, Jordi

    (CREI, UPF and Barcelona GSE)

  • van Rens, Thijs

    (University of Warwick)

Abstract

We document two changes in postwar US macroeconomic dynamics: the procyclicality of labour productivity vanished, and the relative volatility of employment rose. We propose an explanation for these changes that is based on reduced hiring frictions due to improvements in information about the quality of job matches and the resulting decline in turnover. We develop a simple model with hiring frictions and variable e§ort to illustrate the mechanisms underlying our explanation. We show that our model qualitatively and quantitatively matches the observed changes in business cycle dynamics

Suggested Citation

  • GalÌ, Jordi & van Rens, Thijs, 2020. "The Vanishing Procyclicality of Labour Productivity," CAGE Online Working Paper Series 477, Competitive Advantage in the Global Economy (CAGE).
  • Handle: RePEc:cge:wacage:477
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    More about this item

    Keywords

    labour hoarding; hiring frictions; e§ort choice JEL Classification: E24; E32;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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