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Labor Hoarding and the Business Cycle

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  • Horning, Bruce C

Abstract

The puzzle of procyclical labor productivity occupies an important position in the debate over real business cycle theory. Real business cycle proponents attribute it to procyclical technology shocks, opponents to 'labor hoarding'--retention during recessions of workers not needed for current production, thus downwardly biasing productivity measurements. This paper uses a model featuring heterogeneous industries to illustrate that the conventional presumption of countercyclical aggregate labor hoarding generating procyclical productivity measurements is not necessarily well grounded in theory. Copyright 1994 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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  • Horning, Bruce C, 1994. "Labor Hoarding and the Business Cycle," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 35(1), pages 87-100, February.
    • Handle: RePEc:ier:iecrev:v:35:y:1994:i:1:p:87-100
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    Cited by:

    1. Dietz Daniel & Zwick Thomas, 2020. "Training in the Great Recession – Evidence from an Individual Perspective," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 240(4), pages 493-523, August.
    2. Devereux, Paul J, 2000. "Task Assignment over the Business Cycle," Journal of Labor Economics, University of Chicago Press, vol. 18(1), pages 98-124, January.
    3. Geoff Mason & Kate Bishop, 2015. "The Impact of Recession on Adult Training: Evidence from the United Kingdom in 2008–2009," British Journal of Industrial Relations, London School of Economics, vol. 53(4), pages 736-759, December.
    4. Laamanen, Tomi, 2005. "Dependency, resource depth, and supplier performance during industry downturn," Research Policy, Elsevier, vol. 34(2), pages 125-140, March.
    5. Klinger, Sabine & Weber, Enzo, 2015. "GDP-Employment Decoupling and the Productivity Puzzle in Germany," University of Regensburg Working Papers in Business, Economics and Management Information Systems 485, University of Regensburg, Department of Economics.
    6. Klinger, Sabine & Weber, Enzo, 2019. "GDP-Employment decoupling and the slow-down of productivity growth in Germany," IAB-Discussion Paper 201912, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany].
    7. Kuan‐Jen Chen & Ching‐Chong Lai, 2015. "On‐the‐Job Learning and News‐Driven Business Cycles," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(2-3), pages 261-294, March.
    8. Díaz, Guillermo Arenas & Barge-Gil, Andrés & Heijs, Joost, 2020. "The effect of innovation on skilled and unskilled workers during bad times," Structural Change and Economic Dynamics, Elsevier, vol. 52(C), pages 141-158.
    9. Klinger, Sabine & Weber, Enzo, 2020. "GDP-employment decoupling in Germany," Structural Change and Economic Dynamics, Elsevier, vol. 52(C), pages 82-98.

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