Aggregate hours worked in OECD countries: new measurement and implications for business cycles
Lee Ohanian () and
Andrea Raffo ()
No 1039, International Finance Discussion Papers from Board of Governors of the Federal Reserve System (U.S.)
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.
Date: 2011, Revised 2011
New Economics Papers: this item is included in nep-bec, nep-cba, nep-eec, nep-lab, nep-lma and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9) Track citations by RSS feed
Downloads: (external link)
Journal Article: Aggregate hours worked in OECD countries: New measurement and implications for business cycles (2012)
Working Paper: Aggregate Hours Worked in OECD Countries: New Measurement and Implications for Business Cycles (2011)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgif:1039
Access Statistics for this paper
More papers in International Finance Discussion Papers from Board of Governors of the Federal Reserve System (U.S.) Contact information at EDIRC.
Bibliographic data for series maintained by Ryan Wolfslayer ; Keisha Fournillier ().