Inflexible Prices and Procyclical Productivity
证明，在完全竞争和价格灵活时，用劳动份额衡量的全要素生产率无周期；但若企业在需求未知前定价，两种生产率度量均呈顺周期，且劳动囤积越重要，顺周期越强。实证支持该结论。
Hall has shown that, with perfect competition and price flexibility, total factor productivity measured using labor's share either in revenues or in costs will be acyclical regardless of the level of labor hoarding. We show that if firms producing a homogeneous good under constant returns must pick their prices before demand is known, both measures of productivity become procyclical. The model implies that productivity should be more procyclical the more important is labor hoarding. Empirically, productivity is more procyclical in industries and in nations where labor hoarding appears more important.