Title of article
Productivityandunemploymentoverthebusinesscycle
Author/Authors
Regis Barnichon، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2010
Pages
13
From page
1013
To page
1025
Abstract
The lowcorrelationbetweencyclicalunemploymentandproductivityoverthepost-
war periodhidesalargesignswitchinthemid-1980s:fromsignificantlynegativethe
correlationbecamesignificantlypositive.Usingasearchmodelofunemploymentwith
nominalrigiditiesandvariablelaboreffort,Ishowthattechnologyshockscangenerate
a positiveunemployment-productivitycorrelationwhereasnon-technologyshocks
(i.e. aggregatedemandshocks)tendtodotheopposite.Inthiscontext,Iidentifytwo
eventsthatcanquantitativelyexplaintheincreaseinthecorrelation:(i)asharpdropin
the volatilityofnon-technologyshocksinthemid-1980s,and(ii)adeclineinthe
responseofproductivitytonon-technologyshocks,whichfromprocyclicalbecame
acyclicalinthelast25years
Journal title
Journal of Monetary Economics
Serial Year
2010
Journal title
Journal of Monetary Economics
Record number
846445
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