The vanishing procyclicality of labor productivity
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- dc.contributor.author Galí, Jordi
- dc.contributor.author van Rens, Thijs
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:10:11Z
- dc.date.available 2024-11-14T10:10:11Z
- dc.date.issued 2008-08-01
- dc.date.modified 2024-11-14T10:03:13Z
- dc.description.abstract We document three changes in postwar US macroeconomic dynamics: (i) the procyclicality of labor productivity has vanished, (ii) the relative volatility of employment has risen, and (iii) the relative (and absolute) volatility of the real wage has risen. We propose an explanation for all three changes that is based on a common source: a decline in labor market frictions. We develop a simple model with labor market frictions, variable effort, and endogenous wage rigidities to illustrate the mechanisms underlying our explanation. We show that the reduction in frictions may also have contributed to the observed decline in output volatility.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1230
- dc.identifier.citation The Economic Journal 131(1), 302-326
- dc.identifier.uri http://hdl.handle.net/10230/6344
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1230
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword labor hoarding
- dc.subject.keyword labor market frictions
- dc.subject.keyword wage rigidities
- dc.subject.keyword effort choice.
- dc.subject.keyword Macroeconomics and International Economics
- dc.title The vanishing procyclicality of labor productivity
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper