Excess Labor and the Business Cycle

Ray Fair ()

No 1292, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper compares the Medoff-Fay estimates of labor hoarding during troughs, which are based on data from manufacturing plants, with aggregate estimates of excess labor on hand.The two sets of estimates seem consistent, which provides a strong argument in favor of the excess labor hypothesis. This is one of the few examples in macroeconomics where a hypothesis has been so strongly confirmed using detailed micro data.

Date: 1984-03
Note: EFG
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Citations: View citations in EconPapers (3)

Published as Fair, Ray C. "Excess Labor and the Business Cycle." American Economic Review, Vol. 75, No. 1, (March 1985), pp.239-245.

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Journal Article: Excess Labor and the Business Cycle (1985)
Working Paper: Excess Labor and the Business Cycle (1984)
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