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How important is the intensive margin of labor adjustment? : discussion of "Aggregate hours worked in OECD countries : new measurement and implications for business cycles" by Lee Ohanian and Andrea Raffo
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Van Rens, Thijs (2012) How important is the intensive margin of labor adjustment? : discussion of "Aggregate hours worked in OECD countries : new measurement and implications for business cycles" by Lee Ohanian and Andrea Raffo. Journal of Monetary Economics, Volume 59 (Number 1). pp. 57-63. doi:10.1016/j.jmoneco.2011.10.002 ISSN 0304-3932.
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Official URL: http://dx.doi.org/10.1016/j.jmoneco.2011.10.002
Abstract
Using new quarterly data for hours worked in OECD countries, Ohanian and Raffo (2011) argue that in many OECD countries, particularly in Europe, hours per worker are quantitatively important as an intensive margin of labor adjustment, possibly because labor market frictions are higher than in the US. I argue that this conclusion is not supported by the data. Using the same data on hours worked, I Önd evidence that labor market frictions are higher in Europe than in the US, like Ohanian and Raffo, but also that these frictions seem to asect the intensive margin at least as much as the extensive margin of labor adjustment.
Item Type: | Journal Article | ||||||
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Alternative Title: | How important is the intensive margin of labour adjustment? | ||||||
Subjects: | H Social Sciences > HB Economic Theory | ||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||
Library of Congress Subject Headings (LCSH): | Employment (Economic theory), Hours of labor, Recessions | ||||||
Journal or Publication Title: | Journal of Monetary Economics | ||||||
Publisher: | Elsevier BV | ||||||
ISSN: | 0304-3932 | ||||||
Official Date: | 1 January 2012 | ||||||
Dates: |
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Volume: | Volume 59 | ||||||
Number: | Number 1 | ||||||
Page Range: | pp. 57-63 | ||||||
DOI: | 10.1016/j.jmoneco.2011.10.002 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||
Description: | Carnegie-NYU-Rochester Conference Series on Public Policy at New York University on April 15-16, 2011 |
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Date of first compliant deposit: | 23 December 2015 | ||||||
Date of first compliant Open Access: | 23 December 2015 | ||||||
Funder: | Spain. Ministerio de Ciencia e Innovación (MICINN), Spain. Ministerio de Educación, Catalonia (Spain), Barcelona Graduate School of Economics | ||||||
Grant number: | ECO2008-01665 (MICINN), CSD2006-00016 (MICINN), 2009SGR1157 (Catalonia) |
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