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Economic Adjustment during the Great Recession: The Role of Managerial Quality

Author

Listed:
  • Gilbert Cette
  • Jimmy Lopez
  • Jacques Mairesse
  • Giuseppe Nicoletti

Abstract

This study investigates empirically how managerial practices have affected macroeconomic adjustment during the Great Recession after the 2008 economic crisis. We use the local projection method pioneered by Jordà (2005) on a country x industry balanced panel data over the 2007-2015 period for eighteen industries in ten OECD countries. We find that, in countries where management quality is higher, production and employment are more resilient during the Great Recession. Moreover, this effect on resilience is stronger for industries deeply affected by the 2008 crisis and goes with wage moderation as well as an unchanged labor share.

Suggested Citation

  • Gilbert Cette & Jimmy Lopez & Jacques Mairesse & Giuseppe Nicoletti, 2020. "Economic Adjustment during the Great Recession: The Role of Managerial Quality," NBER Working Papers 27954, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:27954
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    Cited by:

    1. Gilbert Cette & Jimmy Lopez & Jacques Mairesse & Giuseppe Nicoletti, 2024. "Employment, Output and Productivity Adjustment During the Great Recession: The Role of Managerial Quality," International Productivity Monitor, Centre for the Study of Living Standards, vol. 46, pages 101-108, Spring.
    2. Benatti, Nicola & Groiss, Martin & Kelly, Petra & Lopez-Garcia, Paloma, 2024. "The impact of environmental regulation on clean innovation: are there crowding out effects?," Working Paper Series 2946, European Central Bank.
    3. Cirera,Xavier & Vargas Da Cruz,Marcio Jose & Grover,Arti Goswami & Iacovone,Leonardo & Medvedev,Denis & Pereira Lopez,Mariana De La Paz & Reyes,Santiago, 2021. "Firm Recovery during COVID-19 : Six Stylized Facts," Policy Research Working Paper Series 9810, The World Bank.
    4. C. A. K. Lovell, 2021. "The Pandemic, The Climate, and Productivity," CEPA Working Papers Series WP112021, School of Economics, University of Queensland, Australia.
    5. World Bank, 2022. "Trade and Innovation in MENA," Policy Research Working Paper Series 10060, The World Bank.

    More about this item

    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
    • M11 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Production Management
    • M54 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Labor Management

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