Aggregate hours worked in OECD countries: New measurement and implications for business cycles
成果类型：
Article
署名作者：
Ohanian, Lee E.; Raffo, Andrea
署名单位：
University of California System; University of California Los Angeles; National Bureau of Economic Research; Federal Reserve System - USA
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2011.11.005
发表日期：
2012
页码：
40-56
关键词：
摘要：
We build a dataset of quarterly hours worked for 14 OECD countries. We document that hours are as volatile as output, that a large fraction of labor adjustment takes place along the intensive margin, and that the volatility of hours relative to output has increased over time. We use these data to reassess the Great Recession and prior recessions. The Great Recession in many countries is a puzzle in that labor wedges are small, while those in the U.S. Great Recession - and those in previous European recessions - are much larger. (C) 2011 Elsevier B.V. All rights reserved.
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