The vanishing procyclicality of labour productivity

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  • dc.contributor.author Galí, Jordi, 1961-
  • dc.contributor.author Van Rens, Thijs, 1973-
  • dc.date.accessioned 2021-03-23T11:03:21Z
  • dc.date.available 2021-03-23T11:03:21Z
  • dc.date.issued 2021
  • dc.description.abstract We document two changes in post-war 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 effort to illustrate the mechanisms underlying our explanation. We show that our model qualitatively and quantitatively matches the observed changes in business cycle dynamics.en
  • dc.description.sponsorship We gratefully acknowledge financial support from the European Research Council, the Spanish Ministry of Science and Innovation (grants SEJ2006-02235, ECO2008-01665, CSD2006-00016 and Juan de la Cierva); the Generalitat de Catalunya (DIUE grant 2009SGR-1157); and the Barcelona GSE Research Network. Thijs van Rens gratefully acknowledges the hospitality of the UNSW Sydney School of Economics during the final stages of preparing this paper.
  • dc.format.mimetype application/pdf
  • dc.identifier.citation Galí J, van Rens T. The vanishing procyclicality of labour productivity. The Economic Journal. 2021 Jan;131(633):302-26. DOI: 10.1093/ej/ueaa065
  • dc.identifier.doi http://dx.doi.org/10.1093/ej/ueaa065
  • dc.identifier.issn 0013-0133
  • dc.identifier.uri http://hdl.handle.net/10230/46903
  • dc.language.iso eng
  • dc.publisher Oxford University Press
  • dc.relation.ispartof The Economic Journal. 2021 Jan;131(633):302-26
  • dc.relation.projectID info:eu-repo/grantAgreement/ES/2PN/SEJ2006-02235
  • dc.relation.projectID info:eu-repo/grantAgreement/ES/3PN/ECO2008-01665
  • dc.relation.projectID info:eu-repo/grantAgreement/ES/2PN/CSD2006-00016
  • dc.rights © The Author(s) 2020. Published by Oxford University Press on behalf of Royal Economic Society. This is an Open Access article distributed under the terms of the Creative Commons Attribution License http://creativecommons.org/licenses/by/4.0/, which permits unrestricted reuse, distribution, and reproduction in any medium, provided the original work is properly cited.
  • dc.rights.accessRights info:eu-repo/semantics/openAccess
  • dc.rights.uri https://creativecommons.org/licenses/by/4.0/
  • dc.title The vanishing procyclicality of labour productivityen
  • dc.type info:eu-repo/semantics/article
  • dc.type.version info:eu-repo/semantics/publishedVersion

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