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The "End-of-Expansion" Phen...
This paper makes no contribution to an understanding of the secular slowdown in productivity, except to add a new cyclical correction of the long-run trend. Its main objective is to examine the short-run behavior of aggregate labor productivity in isolation. In addition to the phenomenon of short-run "increasing returns to labor" identified in previous studies, it isolates an often overlooked but consistent tendency for productivity to perform poorly in the last stages of a business expansion. In 1956, 1960, 1969,1973, and now again in 1979, a productivity shortfall has developed, with absolute declines in the level of productivity occurring in every episode except the first, and in every episode before 1979 the shortfall has subsequently been made up. The paper is more successful in identifying this "end-of-expansion" phenomenon than in explaining it; the results suggest that firms tend consistently to hire more workers in the last stages of a business expansion than is justified by the level of output
Monografía
monografia Rebiun36788406 https://catalogo.rebiun.org/rebiun/record/Rebiun36788406 m o d cr ||||||||||| 140320s1980 mau o 000 0 eng d DKDLA 820120-katalog:999902813705765 UAO ocn873993855 DKDLA dan pn DKDLA OCLCQ OCLCL OCLCQ The "End-of-Expansion" Phenomenon in Short-run Productivity Behavior Robert J. Gordon Cambridge, Mass. National Bureau of Economic Research 1980 Cambridge, Mass. Cambridge, Mass. National Bureau of Economic Research 1 online resource 1 online resource Tekst txt rdacontent/dan computer c rdamedia/dan NBER working paper series no. w0427 This paper makes no contribution to an understanding of the secular slowdown in productivity, except to add a new cyclical correction of the long-run trend. Its main objective is to examine the short-run behavior of aggregate labor productivity in isolation. In addition to the phenomenon of short-run "increasing returns to labor" identified in previous studies, it isolates an often overlooked but consistent tendency for productivity to perform poorly in the last stages of a business expansion. In 1956, 1960, 1969,1973, and now again in 1979, a productivity shortfall has developed, with absolute declines in the level of productivity occurring in every episode except the first, and in every episode before 1979 the shortfall has subsequently been made up. The paper is more successful in identifying this "end-of-expansion" phenomenon than in explaining it; the results suggest that firms tend consistently to hire more workers in the last stages of a business expansion than is justified by the level of output Gordon, Robert J. National Bureau of Economic Research NBER working paper series no. w0427