Journal
JOURNAL OF MONETARY ECONOMICS
Volume 59, Issue 1, Pages 40-56Publisher
ELSEVIER
DOI: 10.1016/j.jmoneco.2011.11.005
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Funding
- Divn Of Social and Economic Sciences
- Direct For Social, Behav & Economic Scie [0820117] Funding Source: National Science Foundation
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We build a dataset of quarterly hours worked for 14 OECD countries. We document that hours are as volatile as output, that a large fraction of labor adjustment takes place along the intensive margin, and that the volatility of hours relative to output has increased over time. We use these data to reassess the Great Recession and prior recessions. The Great Recession in many countries is a puzzle in that labor wedges are small, while those in the U.S. Great Recession - and those in previous European recessions - are much larger. (C) 2011 Elsevier B.V. All rights reserved.
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