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Procyclical Labor Productivity and Competing Theories of the Business Cycle: Some Evidence from Interwar U.S. Manufacturing Industries

Citations

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Cited by:

  1. Maarten Dossche & Andrea Gavazzi & Vivien Lewis, 2023. "Labor Adjustment and Productivity in the OECD," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 47, pages 111-130, January.
  2. Emi Nakamura, 2009. "Deconstructing The Success Of Real Business Cycles," Economic Inquiry, Western Economic Association International, vol. 47(4), pages 739-753, October.
  3. Galeotti, Marzio & Maccini, Louis J. & Schiantarelli, Fabio, 2005. "Inventories, employment and hours," Journal of Monetary Economics, Elsevier, vol. 52(3), pages 575-600, April.
  4. Harrison, Sharon G. & Weder, Mark, 2002. "Did sunspot cause the Great Depression?," SFB 373 Discussion Papers 2002,35, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  5. Matthew J. Baker & Ingmar Nyman, 2017. "Job Hoarding," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 173(4), pages 688-722, December.
  6. Cicinelli, Claudio & Cossio, Andrea & Nucci, Francesco & Ricchi, Ottavio & Tegami, Cristian, 2010. "The Italian Treasury Econometric Model (ITEM)," Economic Modelling, Elsevier, vol. 27(1), pages 125-133, January.
  7. Gregor W. Smith, 2006. "The spectre of deflation: a review of empirical evidence," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 39(4), pages 1041-1072, November.
  8. Martin Neil Baily & Eric J. Bartelsman & John Haltiwanger, 2001. "Labor Productivity: Structural Change And Cyclical Dynamics," The Review of Economics and Statistics, MIT Press, vol. 83(3), pages 420-433, August.
  9. Mark Weder, 2006. "A heliocentric journey into Germany's Great Depression," Oxford Economic Papers, Oxford University Press, vol. 58(2), pages 288-316, April.
  10. repec:erc:cypepr:v:7:y:2014:i:2:p:81-112 is not listed on IDEAS
  11. Nanda, Ramana & Nicholas, Tom, 2014. "Did bank distress stifle innovation during the Great Depression?," Journal of Financial Economics, Elsevier, vol. 114(2), pages 273-292.
  12. Wen, Yi, 1998. "Capacity Utilization under Increasing Returns to Scale," Journal of Economic Theory, Elsevier, vol. 81(1), pages 7-36, July.
  13. Jordi Galí & Thijs van Rens, 2021. "The Vanishing Procyclicality of Labour Productivity [Why have business cycle fluctuations become less volatile?]," The Economic Journal, Royal Economic Society, vol. 131(633), pages 302-326.
  14. Seamus Hogan, 1998. "What Does Downward Nominal-Wage Rigidity Imply for Monetary Policy?," Canadian Public Policy, University of Toronto Press, vol. 24(4), pages 513-525, December.
  15. Otsu, Keisuke & Saito, Masashi, 2013. "Organizational dynamics and aggregate fluctuations: The role of financial relationships," Journal of Economic Dynamics and Control, Elsevier, vol. 37(12), pages 3044-3058.
  16. Pedro S. Amaral & James MacGee, 2009. "Re-Examining the Role of Sticky Wages in the U.S. Great Contraction: A Multisectoral Approach," Working Papers (Old Series) 0911, Federal Reserve Bank of Cleveland.
  17. Nuno Barrau, Galo, 2008. "Schumpeterian Foundations of Real Business Cycles," MPRA Paper 9430, University Library of Munich, Germany.
  18. James C. MacGee & Pedro S. Amaral, 2010. "A Multi-sectoral Approach to the U.S. Great Depression," 2010 Meeting Papers 1242, Society for Economic Dynamics.
  19. repec:dau:papers:123456789/6516 is not listed on IDEAS
  20. Basu, Susanto, 1995. "Intermediate Goods and Business Cycles: Implications for Productivity and Welfare," American Economic Review, American Economic Association, vol. 85(3), pages 512-531, June.
  21. Weder, Mark, 2001. "The Great Demand Depression," CEPR Discussion Papers 3067, C.E.P.R. Discussion Papers.
  22. Cooper, Russell & Haltiwanger, John, 1993. "The Aggregate Implications of Machine Replacement: Theory and Evidence," American Economic Review, American Economic Association, vol. 83(3), pages 360-382, June.
  23. Braun, R Anton & Evans, Charles L, 1998. "Seasonal Solow Residuals and Christmas: A Case for Labor Hoarding and Increasing Returns," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(3), pages 306-330, August.
  24. Robert A. Margo, 1993. "Employment and Unemployment in the 1930s," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 41-59, Spring.
  25. Peter Bauer & Igor Fedotenkov & Aurelien Genty & Issam Hallak & Peter Harasztosi & David Martinez Turegano & David Nguyen & Nadir Preziosi & Ana Rincon-Aznar & Miguel Sanchez Martinez, 2020. "Productivity in Europe: Trends and drivers in a service-based economy," JRC Research Reports JRC119785, Joint Research Centre.
  26. Yi Wen, 2005. "Labor hoarding and inventories," Working Papers 2005-040, Federal Reserve Bank of St. Louis.
  27. Obregon, Carlos, 2018. "Globalización visiones equivocadas [Globalization misguided views]," MPRA Paper 86396, University Library of Munich, Germany.
  28. Robert A Hart, 2022. "Labour productivity during the Great Depression and the Great Recession in UK engineering and metal manufacture [The Productivity Puzzle: a Firm-level Investigation into Employment Behaviour and Re," Oxford Economic Papers, Oxford University Press, vol. 74(2), pages 431-452.
  29. Baily, Martin Neil & Bartelsman, Eric J & Haltiwanger, John, 1996. "Downsizing and Productivity Growth: Myth or Reality?," Small Business Economics, Springer, vol. 8(4), pages 259-278, August.
  30. Ion STURZU & Alexandru GRIBINCEA & Silvestru Maximilian, 2014. "The Credit Crunch: Reflections, Analysis And Suggestions," ECONOMY AND SOCIOLOGY: Theoretical and Scientifical Journal, Socionet;Complexul Editorial "INCE", issue 1, pages 112-120.
  31. Jong, H. de & Woltjer, P., 2009. "A Comparison of Real Output and Productivity for British and American Manufacturing in 1935," GGDC Research Memorandum GD-108, Groningen Growth and Development Centre, University of Groningen.
  32. Antonella Stirati, 2016. "Real wages in the business cycle and the theory of income distribution: an unresolved conflict between theory and facts in mainstream macroeconomics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 40(2), pages 639-661.
  33. Sbordone, Argia M., 1996. "Cyclical productivity in a model of labor hoarding," Journal of Monetary Economics, Elsevier, vol. 38(2), pages 331-361, October.
  34. Charles W. Calomiris & Christopher Hanes, 1994. "Historical Macroeconomics and American Macroeconomic History," NBER Working Papers 4935, National Bureau of Economic Research, Inc.
  35. Wen, Yi, 2007. "By force of demand: Explaining international comovements," Journal of Economic Dynamics and Control, Elsevier, vol. 31(1), pages 1-23, January.
  36. Marianne Baxter & Robert G. King, 1991. "Productive externalities and business cycles," Discussion Paper / Institute for Empirical Macroeconomics 53, Federal Reserve Bank of Minneapolis.
  37. Harold L. Cole & Lee E. Ohanian, 1999. "The Great Depression in the United States from a neoclassical perspective," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 23(Win), pages 2-24.
  38. Robert A. Hart & J Malley (University of Glasgow), 1996. "Labor Productivity and the Cycle," Working Papers 9613, Business School - Economics, University of Glasgow.
  39. Yi Wen, 2005. "By force of demand: explaining international comovements and the saving-investment correlation puzzle," Working Papers 2005-043, Federal Reserve Bank of St. Louis.
  40. Molina-Domene, Maria, 2018. "Labor specialization as a source of market frictions," LSE Research Online Documents on Economics 91703, London School of Economics and Political Science, LSE Library.
  41. Harvey Cutler & Stephen Davies, 2010. "The Economic Consequences of Productivity Changes: A Computable General Equilibrium (CGE) Analysis," Regional Studies, Taylor & Francis Journals, vol. 44(10), pages 1415-1426.
  42. Harold L. Cole & Lee E. Ohanian & Ron Leung, 2005. "Deflation and the International Great Depression: A Productivity Puzzle," NBER Working Papers 11237, National Bureau of Economic Research, Inc.
  43. Patrick Artus & François Lecointe, 1993. "Quelle est la configuration des cycles aux États-Unis ? Une modélisation dynamique traditionnelle," Économie et Prévision, Programme National Persée, vol. 107(1), pages 1-14.
  44. Piyachart Phiromswad, 2014. "Measuring monetary policy with empirically grounded identifying restrictions," Empirical Economics, Springer, vol. 46(2), pages 681-699, March.
  45. Uhlig, H.F.H.V.S. & Xu, Y., 1996. "Effort and the Cycle : Cyclical Implications of Efficiency Wages," Discussion Paper 1996-49, Tilburg University, Center for Economic Research.
  46. John G. Fernald & J. Christina Wang, 2016. "Why Has the Cyclicality of Productivity Changed? What Does It Mean?," Annual Review of Economics, Annual Reviews, vol. 8(1), pages 465-496, October.
  47. Waters, George A., 2007. "Regime changes, learning and monetary policy," Journal of Macroeconomics, Elsevier, vol. 29(2), pages 255-282, June.
  48. Cooper, Russell & Ejarque, Joao, 1995. "Financial intermediation and the Great Depression: a multiple equilibrium interpretation," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 43(1), pages 285-323, December.
  49. Bertin, Amy L & Bresnahan, Timothy F & Raff, Daniel M G, 1996. "Localized Competition and the Aggregation of Plant-Level Increasing Returns: Blast Furnaces, 1929-1935," Journal of Political Economy, University of Chicago Press, vol. 104(2), pages 241-266, April.
  50. Pedro Amaral & James C. MacGee, 2002. "The Great Depression in Canada and the United States: A Neoclassical Perspective," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(1), pages 45-72, January.
  51. Maarten Dossche & Andrea Gavazzi & Vivien Lewis, 2023. "Labor Adjustment and Productivity in the OECD," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 47, pages 111-130, January.
  52. Charalampos Karagiannakis & Elena Ketteni & Theofanis Mamuneas, 2013. "Productivity in Cyprus," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 7(2), pages 81-112, December.
  53. James A. Kahn & Mark Bils, 2000. "What Inventory Behavior Tells Us about Business Cycles," American Economic Review, American Economic Association, vol. 90(3), pages 458-481, June.
  54. Walsh, Frank, 2005. "Monetary shocks with variable effort," Journal of Macroeconomics, Elsevier, vol. 27(1), pages 133-141, March.
  55. Londono Yarce, J.M., 2011. "Essays on asset pricing," Other publications TiSEM 744a2ac5-7ada-4fa8-a7aa-e, Tilburg University, School of Economics and Management.
  56. Harold L. Cole & Lee E. Ohanian, 2001. "Re-Examining the Contributions of Money and Banking Shocks to the US Great Depression," NBER Chapters, in: NBER Macroeconomics Annual 2000, Volume 15, pages 183-260, National Bureau of Economic Research, Inc.
  57. Mark Weder, 2006. "The Role Of Preference Shocks And Capital Utilization In The Great Depression," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 47(4), pages 1247-1268, November.
  58. Harrison, Sharon G. & Weder, Mark, 2006. "Did sunspot forces cause the Great Depression?," Journal of Monetary Economics, Elsevier, vol. 53(7), pages 1327-1339, October.
  59. Lee E. Ohanian, 2002. "Why did productivity fall so much during the Great Depression?," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 26(Spr).
  60. Uhlig, H.F.H.V.S. & Xu, Y., 1996. "Effort and the Cycle : Cyclical Implications of Efficiency Wages," Other publications TiSEM dc793f82-7aaa-4ad9-8af4-2, Tilburg University, School of Economics and Management.
  61. Franz, Wolfgang, 1992. "Neuere makroökonomische Kontroversen," Discussion Papers, Series II 168, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
  62. Martial Dupaigne, 2007. "Les variations choisies de l'utilisation du capital : une revue des implications macroéconomiques," Revue d'économie politique, Dalloz, vol. 117(2), pages 161-196.
  63. Hansen, Sten & Lindström, Tomas, 2009. "Is rising RTS a figment of poor data?," Journal of Monetary Economics, Elsevier, vol. 56(3), pages 378-389, April.
  64. Bordo, Michael D. & Evans, Charles L., 1995. "Labor productivity during the Great Depression," Economics Letters, Elsevier, vol. 47(1), pages 41-45, January.
  65. Maria Molina-Domene, 2018. "Labor specialization as a source of market frictions," CEP Discussion Papers dp1580, Centre for Economic Performance, LSE.
  66. Wen, Yi, 2003. "On the Optimal Volume of Labor Hoarding," Working Papers 03-14, Cornell University, Center for Analytic Economics.
  67. Michihiro Ohyama, 1996. "Entry And Exit Of Firms And Underemployment Equilibrium," Metroeconomica, Wiley Blackwell, vol. 47(2), pages 148-171, June.
  68. Julia Darby & Robert A. Hart, 2008. "Wages, Productivity, and Work Intensity in the Great Depression," Southern Economic Journal, John Wiley & Sons, vol. 75(1), pages 91-103, July.
  69. Andrew E. Evans, 2020. "Average labour productivity dynamics over the business cycle," Empirical Economics, Springer, vol. 59(4), pages 1833-1863, October.
  70. Canova, Fabio, 1998. "Detrending and business cycle facts," Journal of Monetary Economics, Elsevier, vol. 41(3), pages 475-512, May.
  71. repec:dgr:rugggd:gd-108 is not listed on IDEAS
  72. Kamila Radlinska, 2020. "Procyclicality of Changes in Labour Productivity - Labour Hoarding in CEE Countries," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 185-200.
  73. repec:dau:papers:123456789/9604 is not listed on IDEAS
  74. Baele, Lieven & Londono, Juan M., 2013. "Understanding industry betas," Journal of Empirical Finance, Elsevier, vol. 22(C), pages 30-51.
  75. Obregon, Carlos, 2018. "Globalization misguided views," MPRA Paper 85813, University Library of Munich, Germany.
  76. Lucas Navarro & Raimundo Soto, 2001. "Procyclical productivity : evidence from an emerging economy," Working Papers Central Bank of Chile 109, Central Bank of Chile.
  77. Matthew S. Goldberg & Thomas P. Frazier, 1994. "Employment and utilization of engineers among defense contractors," Naval Research Logistics (NRL), John Wiley & Sons, vol. 41(7), pages 853-874, December.
  78. Anneleen Vandeplas & Anna Thum-Thysen, 2019. "Skills Mismatch and Productivity in the EU," European Economy - Discussion Papers 100, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
  79. Liis Roosaar & Jaan Masso & Urmas Varblane, 2017. "The Structural Change And Labour Productivity Of Firms: Do Changes In The Age And Wage Structure Of Employees Matter?," University of Tartu - Faculty of Economics and Business Administration Working Paper Series 103, Faculty of Economics and Business Administration, University of Tartu (Estonia).
  80. Herman De Jong & Pieter Woltjer, 2011. "Depression dynamics: a new estimate of the Anglo‐American manufacturing productivity gap in the interwar period," Economic History Review, Economic History Society, vol. 64(2), pages 472-492, May.
  81. Russell Cooper & John Haltiwanger, 1992. "Autos and the National Industrial Recovery Act: Evidence on Industry Complementarities," Papers 0028, Boston University - Industry Studies Programme.
  82. Lindström, Tomas, 1999. "External Economies at the Firm Level: Evidence from Swedish Manufacturing," Working Paper Series 89, Sveriges Riksbank (Central Bank of Sweden).
  83. Ka Wai Terence Fung & Chi Keung Marco Lau & Kwok Ho Chan, 2016. "An R&D-based real business cycle model," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 63(4), pages 327-358, December.
  84. Chang Cheng-Wei & Lai Ching-Chong, 2017. "Macroeconomic (in)stability and endogenous market structure with productive government expenditure," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 21(2), pages 1-16, April.
  85. Chao Chiung Ting, 2020. "Lucas Paradox, Declining Labor Share, Tendency of Rate of Profit to Fall of Karl Marx and Growth Theory of the Firm," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 12(9), pages 1-53, September.
  86. Chirinko, Robert S., 1995. "Nonconvexities, labor hoarding, technology shocks, and procyclical productivity a structural econometric analysis," Journal of Econometrics, Elsevier, vol. 66(1-2), pages 61-98.
  87. Hart, Robert A., 2019. "Labor Productivity during the Great Depression in UK Manufacturing," IZA Discussion Papers 12379, Institute of Labor Economics (IZA).
  88. Roger W. Ferguson & William L. Wascher, 2004. "Distinguished Lecture on Economics in Government: Lessons from Past Productivity Booms," Journal of Economic Perspectives, American Economic Association, vol. 18(2), pages 3-28, Spring.
  89. Alexander J. Field, 2003. "The Most Technologically Progressive Decade of the Century," American Economic Review, American Economic Association, vol. 93(4), pages 1399-1413, September.
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