Labor market responses to temporary aggregate demand shocks are commonly analyzed and discussed in terms of changes in employment and unemployment. However, it can be seriously misleading to ignore the interrelated behavior of hours worked.Work hours can be altered relatively speedily and...

Intro -- Contents -- Figures -- Tables -- Preface -- 1 Setting the scene -- 2 Labour market concepts -- 3 Industrial relations -- 4 Labour costs -- 5 The bonus system -- 6 Recruitment, training, promotion and retirement -- 7 Employment, productivity and costs over the business cycle -- 8 Small...