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Organizational dynamics over the business cycle: a view on jobless recoveries

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Abstract

This paper proposes a new explanation for the apparent slow growth in employment during the past two recoveries. The authors' explanation emphasizes dynamics within growing organizations and the intertemporal substitution of organizational restructuring. A key implication of the analysis is that recoveries from recessions following long expansions will have slower employment growth. Empirical analysis shows that the recovery that began in 1970 also exhibited slow employment growth, consistent with this prediction of the analysis.

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  • Kathryn Koenders & Richard Rogerson, 2005. "Organizational dynamics over the business cycle: a view on jobless recoveries," Review, Federal Reserve Bank of St. Louis, vol. 87(Jul), pages 555-580.
    • Handle: RePEc:fip:fedlrv:y:2005:i:jul:p:555-580:n:v.87no.4
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    1. David Andolfatto & Glenn MacDonald, 2004. "Jobless Recoveries," Macroeconomics 0412014, University Library of Munich, Germany.
    2. Irene Bertschek & Ulrich Kaiser, 2004. "Productivity Effects of Organizational Change: Microeconometric Evidence," Management Science, INFORMS, vol. 50(3), pages 394-404, March.
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