TY  - JOUR
AU  - Fair,Ray C.
TI  - Excess Labor and the Business Cycle
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 1292
PY  - 1984
Y2  - March 1984
UR  - http://www.nber.org/papers/w1292
L1  - http://www.nber.org/papers/w1292.pdf
N1  - Author contact info:
Ray C. Fair
Cowles Foundation
P.O. Box 208281
Yale University
New Haven, CT  06520-8281
E-Mail: ray.fair@yale.edu
AB  - This paper compares the Medoff-Fay estimates of labor hoarding during troughs, which are based on data from manufacturing plants, with aggregate estimates of excess labor on hand.The two sets of estimates seem consistent, which provides a strong argument in favor of the excess labor hypothesis. This is one of the few examples in macroeconomics where a hypothesis has been so strongly confirmed using detailed micro data.
ER  -