Wen, Yi (contributor) - 2005 - rev.
hoarding is a widely believed empirical behavior of �rms and a prominent explanation
for procyclical labor productivity …, Labor Hoarding, Procyclical Productivity, Business Cycle.
I thank John McAdams for excellent research assistance. The views …-cycle literature as an explanation for
procyclical labor productivity (e.g., see Bernanke and Parkinson 1991, Dornbusch and Fischer …