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• W3124062866 abstract "Employment and hours appear far more cyclical than dictated by behavior of productivity and consumption. This puzzle has been labeled the labor - a cyclical wedge between marginal product of labor and marginal rate of substitution. The wedge can be broken into a product market wedge (price markup) and a labor market wedge (wage markup). Based on wages of employees, literature has attributed wedge almost entirely to labor market distortions (see, e.g., Gali, Gertler, Lopez-Salido (2007) or Karabarbounis (2013)). Because employee wages may be smoothed versions of true cyclical price of labor, however, we instead decompose labor wedge using data on intermediate inputs, work-in-process inventories, and self-employed. We find that price markup movements are just as important as wage markup movements -- including in Great Recession and its aftermath. Thus, sticky prices and other forms of countercyclical price markups deserve a central place in business cycle research, alongside sticky wages and matching frictions." @default.
• W3124062866 created "2021-02-01" @default.
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• W3124062866 date "2014-01-01" @default.
• W3124062866 modified "2023-09-23" @default.
• W3124062866 title "Are Labor or Product Markets to Blame for Recessions" @default.
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• W3124062866 hasPublicationYear "2014" @default.
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