Excess Labor and the Business Cycle
比较了基于工厂数据的劳动力囤积估计与总量过剩劳动力估计，两者一致，有力支持了过剩劳动力假说。
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.