The Cyclical Behavior of Industrial Labor Markets: A Comparison of the Pre-War and Post-War Eras

@article{Bernanke1984TheCB,
  title={The Cyclical Behavior of Industrial Labor Markets: A Comparison of the Pre-War and Post-War Eras},
  author={Ben Bernanke and James L. Powell},
  journal={NBER Working Paper Series},
  year={1984}
}
This paper studies the cyclical behavior of a number of industrial labor markets of the pre-war (1923-1939) and post-war (1954-1982) eras. In the spirit of Burns and Mitchell we do not test a specific structural model of the labor market but instead concentrate on describing the qualitative features of the (monthly, industry-level) data.The two principal questions we ask are: First, how is labor input (as measured by the number of workers, the hours of work, and the intensity of utilization… 

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