Aggregate labor productivity
Michael Burda ()
IZA World of Labor, 2018, No 435, 435
Aggregate labor productivity is a central indicator of an economy’s economic development and a wellspring of living standards. Somewhat controversially, many macroeconomists see productivity as a primary driver of fluctuations in economic activity along the business cycle. In some countries, the cyclical behavior of labor productivity seems to have changed. In the past 20–30 years, the US has become markedly less procyclical, while the rest of the OECD has not changed or productivity has become even more procyclical. Finding a cogent and coherent explanation of these developments is challenging.
Keywords: aggregate productivity; labor utilization; labor hoarding; collective bargaining (search for similar items in EconPapers)
JEL-codes: E J P (search for similar items in EconPapers)
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