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| Author: | Sbordone, A. M. |
| Title: | Interpreting the procyclical productivity of manufacturing sectors: External effects or labor hoarding? |
| Journal: | Journal of Money, Credit and Banking
1997 : FEB, VOL. 29:1, p. 26-45 |
| Index terms: | LABOUR MANUFACTURING PRODUCTIVITY MANUFACTURING INDUSTRY USA |
| Language: | eng |
| Abstract: | This study explores whether procyclical productivity is due to technological externalities or to cyclical variations in the rate of utilization of labor. Empirical evidence is presented to distinguish these hypotheses by looking at the relation between sectoral productivity and the level of aggregate activity. Sectoral productivity is more closely related to the rate of change of aggregate activity than to it's level. Cyclical productivity is due to cyclical variations in the rate of utilization of labor, which responds to expected future industry conditions. For future industry conditions aggregate variables in production-function regressions have the role of forecasting variables. |
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