Search This Blog

Thursday, March 4, 2010

Cyclicality of Labor Productivity

Most economists teach productivity is, obviously a key factor in long-run growth. But also, many teach that (as much data shows across time and across regions) that productivity has tended to be pro-cyclical - that it rises during boom times and falls during bad times. This obviously is not the case this time around.

Many less 'classical'-leaning economists claim that cyclicality of labor productity is not that simple - that it depends on what kind of economic cycle we are talking about. Supply shocks could potentially induce pro-cyclical productivity (one theory is that of 'labor hoarding'), but demand shocks like the one we are currently experiencing should, by their very nature of layoffs and cut hours, cause counter-cyclical behavior as those left with jobs are forced to do twice as much work in a given day (as the article notes).

So, I'm left with wondering again, what's the purpose of aggregation in macroeconomics if it leaves you with misleading results during times when analysis could really could use a little bit of realism.

25 comments:

Anonymous said...

Louis Vuitton sac Louis Vuitton Sacs sac Louis Vuitton Louis Vuitton

Anonymous said...

Great post.

my web site: ロレックスコピー

Anonymous said...

What's up colleagues, its great article regarding tutoringand completely defined, keep it up all the time.

My page プラダ アウトレット

Anonymous said...

If you are going for best contents like myself, just pay a
quick visit this site everyday for the reason that it presents quality contents, thanks

Here is my web-site: 激安プラダ バッグ

Anonymous said...

What's up to every body, it's my first go to see of this
weblog; this blog consists of awesome and actually good information in support of readers.



Feel free to visit my blog; ロレックスレプリカ

Anonymous said...

Everyone loves what you guys are up too. This sort of clever
work and exposure! Keep up the excellent works guys I've incorporated you guys to blogroll.

Also visit my website - レイバンメガネ

Anonymous said...

Hi there, this weekend is fastidious in support of me,
since this moment i am reading this enormous informative article here at my home.


My homepage - シャネルバッグ

Anonymous said...

Hi there, I found your website by means of Google while
searching for a related subject, your web site got here up,
it appears to be like great. I have bookmarked it in my google bookmarks.


Hello there, simply became alert to your blog thru Google,
and located that it is truly informative. I'm going to watch out for brussels. I will be grateful when you proceed this in future. Numerous other folks can be benefited out of your writing. Cheers!

my homepage - アバクロンビー

Anonymous said...

Hello i am kavin, its my first time to commenting anywhere,
when i read this article i thought i could also create comment due to
this brilliant paragraph.

Also visit my web site :: wiki.openmosques.tn

Anonymous said...

This post is priceless. When can I find out more?


Also visit my page; ロレックスコピー

Anonymous said...

Hi there! This is kind of off topic but I need some
help from an established blog. Is it hard to set up
your own blog? I'm not very techincal but I can figure things out pretty fast. I'm thinking about making my
own but I'm not sure where to begin. Do you have any ideas or suggestions? Appreciate it

Also visit my website: www.airjordanshoesoutletssale.com

Anonymous said...

Pretty portion of content. I just stumbled upon your weblog and in accession capital to
assert that I get in fact loved account your weblog posts.

Any way I will be subscribing for your feeds or even I achievement you get admission
to consistently rapidly.

Visit my blog post シャネル バッグ

Anonymous said...

Hi, I do think this is a great website. I stumbledupon
it ;) I may return yet again since I book-marked it. Money and freedom is the
best way to change, may you be rich and continue to guide others.


my site ... monster beats

Anonymous said...

Hmm is anyone else encountering problems with the pictures
on this blog loading? I'm trying to figure out if its a problem on my end or if it's the
blog. Any responses would be greatly appreciated.

Here is my web-site :: www.guccihandbagsoutletsalee.com

Anonymous said...

I'm truly enjoying the design and layout of your site. It's a very
easy on the eyes which makes it much more enjoyable for me to come here and visit
more often. Did you hire out a designer to create your theme?
Excellent work!

My page モンスター ヘッドホン

Anonymous said...

This design is wicked! You definitely know how to keep a reader entertained.
Between your wit and your videos, I was almost moved to start
my own blog (well, almost...HaHa!) Fantastic job.
I really enjoyed what you had to say, and
more than that, how you presented it. Too cool!


Here is my blog post - モンスター イヤホン

Anonymous said...

Hi would you mind stating which blog platform you're using? I'm looking to start my own blog soon but I'm having a difficult time making a decision between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design and style seems different then most blogs and I'm looking for something unique.
P.S My apologies for being off-topic but I had to ask!


Here is my weblog http://www.louisvuittonhandbagsoutletssale.com

Anonymous said...

An outstanding share! I've just forwarded this onto a coworker who was conducting a little research on this. And he in fact ordered me dinner simply because I found it for him... lol. So allow me to reword this.... Thanks for the meal!! But yeah, thanks for spending the time to talk about this topic here on your website.

Also visit my page: ロレックススーパーコピー

Anonymous said...

Good way of explaining, and pleasant article to obtain data regarding
my presentation subject, which i am going to convey in university.


my website: monster beats

Anonymous said...

Hello my friend! I want to say that this article is amazing,
nice written and come with almost all vital infos.

I would like to peer more posts like this .

Feel free to visit my web blog: therugbypitch.blogspot.fr

oakleyses said...

hollister, herve leger, canada goose, insanity workout, nfl jerseys, canada goose, soccer jerseys, north face outlet, p90x, ugg, uggs outlet, canada goose, marc jacobs, new balance shoes, ugg pas cher, canada goose outlet, ferragamo shoes, canada goose uk, celine handbags, jimmy choo outlet, abercrombie and fitch, reebok outlet, mac cosmetics, longchamp, wedding dresses, ugg boots, beats by dre, mcm handbags, asics running shoes, ghd, giuseppe zanotti, babyliss pro, soccer shoes, canada goose jackets, ugg boots, ugg australia, lululemon outlet, birkin bag, mont blanc, north face jackets, nike huarache, nike roshe run, bottega veneta, chi flat iron, rolex watches, instyler, vans shoes, valentino shoes

oakleyses said...

hollister, herve leger, canada goose, insanity workout, nfl jerseys, canada goose, soccer jerseys, north face outlet, p90x, ugg, uggs outlet, canada goose, marc jacobs, new balance shoes, ugg pas cher, canada goose outlet, ferragamo shoes, canada goose uk, celine handbags, jimmy choo outlet, abercrombie and fitch, reebok outlet, mac cosmetics, longchamp, wedding dresses, ugg boots, beats by dre, mcm handbags, asics running shoes, ghd, giuseppe zanotti, babyliss pro, soccer shoes, canada goose jackets, ugg boots, ugg australia, lululemon outlet, birkin bag, mont blanc, north face jackets, nike huarache, nike roshe run, bottega veneta, chi flat iron, rolex watches, instyler, vans shoes, valentino shoes

oakleyses said...

montre homme, iphone 6 cases, thomas sabo, swarovski crystal, hollister clothing store, swarovski, lancel, rolex watches, moncler, ray ban, wedding dresses, air max, hollister, ugg, ralph lauren, coach outlet store online, pandora jewelry, converse, baseball bats, oakley, louboutin, juicy couture outlet, moncler, gucci, air max, pandora charms, hollister, moncler outlet, timberland boots, louis vuitton, toms shoes, juicy couture outlet, canada goose, vans, parajumpers, moncler, ugg, pandora charms, canada goose, moncler, moncler, links of london, converse shoes, moncler, supra shoes, karen millen

Anonymous said...

electronic cigarette, e cigarettes, electronic cigarettes, electronic cigarettes, smokeless cigarettes, electronic cigarettes

Anonymous said...

شركة كشف تسربات المياه
فحص تسربات المياه