Labor Hoarding, Inflexible Prices, and Procyclical Productivity
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Hall has pointed out that, when there is perfect competition and price flexibility, labor hoarding alone will not induce the Solow residual measured using labor's share in revenues to be procyclical. We show that, even with perfect competition, a small amount of price rigidity - we assume firms must
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美国国家经济研究局创建时间：
1988-05-01
