Labor Hoarding and the Business Cycle
通过异质性行业模型，质疑了传统观点认为反周期劳动囤积导致生产率顺周期测量的理论基础，对真实经济周期理论辩论有参考价值。
The puzzle of procyclical labor productivity occupies an important position in the debate over real business cycle theory. Real business cycle proponents attribute it to procyclical technology shocks, opponents to 'labor hoarding'--retention during recessions of workers not needed for current production, thus downwardly biasing productivity measurements. This paper uses a model featuring heterogeneous industries to illustrate that the conventional presumption of countercyclical aggregate labor hoarding generating procyclical productivity measurements is not necessarily well grounded in theory. Copyright 1994 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.