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Cautious Hiring

Enoch Hill () and Kai Ding
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Kai Ding: University of Minnesota

No 291, 2016 Meeting Papers from Society for Economic Dynamics

Abstract: There have been significant changes in the cyclicality of US labor productivity since the early 1990s. Previously, labor productivity was largely procyclical but beginning with the recession of the early 1990s labor productivity rises immediately following a recession before returning to prerecession levels. In this paper we develop a dynamic general equilibrium model in which a change in the importance of firm specificc human capital can explain the new pattern in labor productivity as well as partially account for the decrease in the rate of employment recovery (jobless recoveries) observed in the most recent three recessions. Additionally, we present empirical support that the importance of rm specificc human capital has in fact increased for recent recessions.

New Economics Papers: this item is included in nep-dge, nep-hrm and nep-lab
Date: 2016
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