Quality hours: Measuring labor input
利用1979-2019年数据构建劳动投入序列，发现劳动投入比总工时波动小9%，且劳动力质量呈逆周期；用总工时计算生产率会低估2004年后的生产率放缓12个百分点。
We construct an aggregate labor input series from 1979 to 2019 to adjust for changes in the experience and education levels of the workforce using the Current Population Survey’s Outgoing Rotation Groups. We compare the cyclical behavior of labor input to aggregate hours — finding that labor input is about 9% less volatile over the business cycle and that the quality of the workforce is countercyclical. We show that the decrease in labor productivity beginning in 2004, the “productivity slowdown,” is understated by 12 percentage points when using aggregate hours instead of labor input to calculate productivity, as compared to the 1990–2003 growth rate. Moreover, 39% of the average quarterly growth rate of labor productivity can be attributed to increases in education and experience since 2004. • Construct labor input as a measure of quality weighted aggregate hours worked. • Labor input is less cyclical and grows faster than hours worked. • The productivity slowdown is underestimated by 12pp when using hours worked.