Declining Dynamism and Countercyclical Labor Productivity

Olivares, Edward.


  • Abstract: Over the past several decades, average U.S. labor productivity has become more countercyclical. That is, it is more likely to increase during recessions. Over a similar time period, the pace of firm and labor market turnover has fallen. I document a relationship between these trends using state level data and in a model of on-the-job search, examine potential labor market changes that ca... read more
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