Wen, Yi (contributor) - 2005 - rev.
hoarding is a widely believed empirical behavior of �rms and a prominent explanation
for procyclical labor productivity …-cycle literature as an explanation for
procyclical labor productivity (e.g., see Bernanke and Parkinson 1991, Dornbusch and Fischer … suddenly picks up). Consequently, �rms opt to incur idle labor during recessions, which
makes labor productivity appear to be …