search query: @author Bernanke, B. S. / total: 7
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| Author: | Bernanke, B. S. Parkinson, M. L. |
| Title: | Procyclical labor productivity and competing theories of the business cycle: Some evidence from interwar U.S. manufacturing industries |
| Journal: | Journal of Political Economy
1991 : JUN, VOL. 99:3, p. 439-459 |
| Index terms: | LABOUR PRODUCTIVITY MANUFACTURING INDUSTRY USA BUSINESS CYCLES |
| Language: | eng |
| Abstract: | The phenomenon of short-run increasing returns to labor (SRIRL) is studied in a sample of 10 interwar USA manufacturing industries. The main findings are that SRIRL was common in the interwar period and that the pattern of SRIRL across industries was similar to the one observed in the postwar period. As the Depression was not caused by technical regress, these findings are inconsistent with the claim of real business cycle theorists that SRIRL is in general due to procyclical technological shocks. Tests are proposed for discriminating between two other leading explanations of SRIRL but the conclusions differ by industry. |
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