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How important is the intensive margin of labor adjustment?
van Rens, Thijs
Universitat Pompeu Fabra. Departament d'Economia i Empresa
Using new quarterly data for hours worked in OECD countries, Ohanian and Raffo (2011) argue that in many OECD countries, particularly in Europe, hours per worker are quantitatively important as an intensive margin of labor adjustment, possibly because labor market frictions are higher than in the US. I argue that this conclusion is not supported by the data. Using the same data on hours worked, I find evidence that labor market frictions are higher in Europe than in the US, like Ohanian and Raffo, but also that these frictions seem to affect the intensive margin at least as much as the extensive margin of labor adjustment.
26-11-2012
Macroeconomics and International Economics
Labour, Public, Development and Health Economics
hours worked
intensive margin labor adjustment
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