Labor Hoarding and the Business Cycle
Bibliographic Data
| ID | 10180922 |
|---|---|
| Authors | Craig Burnside (0000-0001-9843-6053), Martin Eichenbaum, Sergio Rebelo (0000-0001-7097-8184) |
| Year | 1993 |
| Volume | 101 |
| Issue | 2 |
| Pages | 245-273 |
| Publication date | 1993-04-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0022-3808 • E-ISSN: 1537-534X |
| Publisher | University of Chicago Press (PUBLISHER • US) |
| DOI | 10.1086/261875 |
| OpenAlex | W3022243815 |
| Language | EN |
| Citations received | 16 |
This paper investigates the sensitivity of Solow residual based measures of technology shocks to labor hoarding behavior. Using a structural model of labor hoarding and the identifying restriction that innovations to technology shocks are orthogonal to innovations in government consumption, it estimates the fraction of the variability of the Solow residual that is due to technology shocks. Results support the view that a significant proportion of movements in the Solow residual are artifacts of labor hoarding behaviour. Specifically, the variance of innovations to technology is roughly 50% less than that implied by standard real business cycle models. In addition, results suggest that existing real business cycle studies substantially overstate the extent to which technology shocks account for the variability of postwar aggregate US output. -Authors
Aggregate (composite · Business cycle · Consumption (sociology · Econometrics · Economics · Growth accounting · Hoarding (animal behavior · Macroeconomics · Productivity · Residual · Sample (material · Solow residual · Total factor productivity · Variance (accounting · Accounting · Economic Growth and Productivity · Fiscal Policy and Economic Growth · Mathematics · Monetary Policy and Economic Impact
Stability with Growth
New Classical Economics and Real Business Cycle Theory
Technology, Employment, and the Business Cycle
The Vanishing Procyclicality of Labour Productivity
Expectations-Driven Fluctuations When Factor Utilization Is Variable
Real Business Cycle Theory and Critical Realism (Transcendental Realism)
The effects of the Chilean food policy package on aggregate employment and real wages
Solow residuals without capital stocks
Small-Sample Properties of GMM for Business-Cycle Analysis
A Bayesian Approach to Calibration
Why Are Some Industries More Cyclical Than Others
Revisions in Utilization-Adjusted TFP and Robust Identification of News Shocks
Labor Productivity
New Monetarism in Continuous Time
Employment, Party Economic Performance, and the Formation of Partisan Preferences
Equilíbrio e ciclos
| Unique citing works | 16 |
|---|---|
| Citations per year | 0,53 |
| Citation span | 1996 - 2021 (26) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 15 |