Large firms and the cyclicality of US labour productivity

IF 1.3 3区经济学 Q3 ECONOMICS

Journal of Macroeconomics Pub Date : 2024-10-10 DOI:10.1016/j.jmacro.2024.103643

Joshua Brault, Hashmat Khan

引用次数: 0

Abstract

We present novel stylized facts on the declining cyclicality of labour productivity for large firms. Changes in their output-labour productivity correlations mirror those in aggregate US data. Large firms account for 88% of the aggregate labour productivity-output correlation post-1985. The decline in cyclicality aligns with their increased use of extensive margin adjustments, such as hiring more workers. For a 1% output increase, large firms hire 75 additional workers pre-1985, compared to 90 post-1985. Our findings are relevant to the literature on the role of large firms in US business cycles.

查看原文本刊更多论文

大型企业与美国劳动生产率的周期性

我们提出了大型企业劳动生产率周期性下降的新典型事实。其产出-劳动生产率相关性的变化反映了美国总体数据的变化。在 1985 年后的劳动生产率-产出相关性总量中，大型企业占 88%。周期性的下降与大型企业更多地使用广义边际调整（如雇佣更多工人）相一致。每增加 1%的产出，大型企业在 1985 年前会增聘 75 名工人，而 1985 年后则为 90 名。我们的研究结果与有关大型企业在美国商业周期中的作用的文献相关。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of Macroeconomics ECONOMICS-

CiteScore

2.50

自引率

7.10%

发文量

审稿时长

76 days

期刊介绍： Since its inception in 1979, the Journal of Macroeconomics has published theoretical and empirical articles that span the entire range of macroeconomics and monetary economics. More specifically, the editors encourage the submission of high quality papers that are concerned with the theoretical or empirical aspects of the following broadly defined topics: economic growth, economic fluctuations, the effects of monetary and fiscal policy, the political aspects of macroeconomics, exchange rate determination and other elements of open economy macroeconomics, the macroeconomics of income inequality, and macroeconomic forecasting.