Procyclical Labour Productivity
A Closer Look at a Stylized Fact
Bibliographic Data
| ID | 9724602 |
|---|---|
| Authors | Robert A Hart (0000-0001-8242-1367, University of Stirling), James R Malley (0000-0003-1207-187X, University of Glasgow) |
| Year | 1999 |
| Volume | 66 |
| Issue | 264 |
| Pages | 533-550 |
| Publication date | 1999-11-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Economica (JOURNAL) |
| Journal identifiers | ISSN: 0013-0427 • E-ISSN: 1468-0335 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/1468-0335.00187 |
| OpenAlex | W2068276739 |
| Language | EN |
| Citations received | 2 |
| References cited | 10 |
At 4‐digit United States manufacturing industry level, we find evidence suggesting that the stylized fact of procyclical labour productivity should be treated with great caution. We use the NBER Manufacturing Productivity database to investigate the relationship between hourly labour productivity and real output for 450 industries for the years 1958–91. Labour productivity is significantly procyclical in 63% of industries and acyclical in 36%. In the latter respect, a high proportion of investment goods industries display acyclical productivity. Cross‐section regressions are carried out that seek to explain the interindustry distribution of cyclicality. The analysis attributes a significant role to variations in materials costs, as a proxy for fluctuations in factor utilization
Business · Business cycle · Economics · Investment (military) · Investment goods · Labour economics · Macroeconomics · Manufacturing · Monetary economics · Productivity · Proxy (statistics) · Stylized fact · Economic Growth and Productivity · Fiscal Policy and Economic Growth · Monetary Policy and Economic Impact
Efficient tests for normality, homoscedasticity and serial independence of regression residuals
Time to Build and Aggregate Fluctuations
Tests for Specification Errors in Classical Linear Least-Squares Regression Analysis
Detrending, stylized facts and the business cycle
Understanding spurious regressions in econometrics
Productivity growth and the structure of the business cycle
Procyclical Labor Productivity and Competing Theories of the Business Cycle
Homework in Macroeconomics
Comparisons of Business Cycles in the EC
Procyclical Labour Productivity, Increasing Returns to Labour and Labour Hoarding in Car Assembly Plant Employment
| Unique citing works | 2 |
|---|---|
| Citations per year | 0,11 |
| Citation span | 2007 - 2011 (5) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 2 |