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The vanishing procyclicality of labor productivity

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Galí, Jordi and Van Rens, Thijs (2021) The vanishing procyclicality of labor productivity. The Economic Journal, 131 (633). pp. 302-326. doi:10.1093/ej/ueaa065 ISSN 0013-0133.

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Official URL: https://doi.org/10.1093/ej/ueaa065

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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.

Item Type: Journal Article
Subjects: H Social Sciences > HD Industries. Land use. Labor
Divisions: Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH): Labor productivity -- United States, Wages and labor productivity -- United States, Business cycles -- Econometric models
Journal or Publication Title: The Economic Journal
Publisher: Oxford University Press
ISSN: 0013-0133
Official Date: January 2021
Dates:
DateEvent
January 2021Published
19 May 2020Available
3 May 2020Accepted
Volume: 131
Number: 633
Page Range: pp. 302-326
DOI: 10.1093/ej/ueaa065
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Open Access (Creative Commons)
Copyright Holders: © 2020 Royal Economic Society. Published by Oxford University Press on behalf of Royal Economic Society.
Date of first compliant deposit: 30 January 2020
Date of first compliant Open Access: 21 May 2020
RIOXX Funder/Project Grant:
Project/Grant IDRIOXX Funder NameFunder ID
ECO2008-01665European Research Councilhttp://dx.doi.org/10.13039/501100000781
SEJ2006-02235,Spain. Ministerio de Ciencia e Innovación http://viaf.org/viaf/137614380
CSD2006-00016Juan de la CiervaUNSPECIFIED
2009SGR-1157Generalitat de Catalunyahttp://dx.doi.org/10.13039/501100002809
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