Title of article :
Productivityandunemploymentoverthebusinesscycle
Author/Authors :
Regis Barnichon، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2010
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
Journal title :
Journal of Monetary Economics
