{"title":"The Effects of COVID-19 and JobKeeper on Productivity-Enhancing Reallocation in Australia1","authors":"Dan Andrews, Elif Bahar, Jonathan Hambur","doi":"10.1111/1475-4932.12856","DOIUrl":null,"url":null,"abstract":"<p>The consequences of the pandemic for potential output will partly hinge on its impact on productivity-enhancing reallocation. While recessions can accelerate this process, the more ‘random’ nature of the COVID-19 shock coupled with policy responses that prioritised preservation could disrupt productivity-enhancing reallocation. Our analysis based on novel high-frequency employment data for Australia shows that labour reallocation (and firm exit) remained connected to firm productivity over 2020 and 2021. However, outside of the initial acute phase of the shock, the relationship weakened significantly compared to history. Australia's job retention scheme (JobKeeper) initially reinforced the connection between growth and productivity, supporting more productive firms. But it became more distortive over time and as the economy recovered.</p>","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"101 333","pages":"142-168"},"PeriodicalIF":1.2000,"publicationDate":"2025-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Record","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/1475-4932.12856","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
The consequences of the pandemic for potential output will partly hinge on its impact on productivity-enhancing reallocation. While recessions can accelerate this process, the more ‘random’ nature of the COVID-19 shock coupled with policy responses that prioritised preservation could disrupt productivity-enhancing reallocation. Our analysis based on novel high-frequency employment data for Australia shows that labour reallocation (and firm exit) remained connected to firm productivity over 2020 and 2021. However, outside of the initial acute phase of the shock, the relationship weakened significantly compared to history. Australia's job retention scheme (JobKeeper) initially reinforced the connection between growth and productivity, supporting more productive firms. But it became more distortive over time and as the economy recovered.
期刊介绍：
Published on behalf of the Economic Society of Australia, the Economic Record is intended to act as a vehicle for the communication of advances in knowledge and understanding in economics. It publishes papers in the theoretical, applied and policy areas of economics and provides a forum for research on the Australian economy. It also publishes surveys in economics and book reviews to facilitate the dissemination of knowledge.
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