THE VANISHING PROCYCLICALITY OF LABOUR PRODUCTIVITY
成果类型：
Article
署名作者：
Gali, Jordi; van Rens, Thijs
署名单位：
Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; University of Warwick
刊物名称：
ECONOMIC JOURNAL
ISSN/ISSBN：
0013-0133
DOI：
10.1093/ej/ueaa065
发表日期：
2021
页码：
302-326
关键词：
摘要：
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.
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