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5. Time-frequency analysis of the older workforce and productivity growth nexus in the USA: evidence from EEMD- and wavelet-based approaches

Author

Bossman, Ahmed, Agyei, Samuel Kwaku, and Asiamah, Oliver

Abstract

An economy whose active workforce is dominated by age is more likely to suffer from some productivity losses despite high government spending, which impacts economic development. Given the galloping growth rate of the proportion of the older workforce of the US population, we examine the productivity-older workforce relationship in the USA. We investigate the asymmetric causality between productivity and both the older and total labour force amid the growing aged class of the US workforce and the prevailing COVID-19 health crisis. We employ wavelet analysis, the ensemble empirical mode decomposition approach, and quantile-on-quantile regression techniques to quarterly data between June 1948 and June 2021. Our results evidence causality between growth in productivity and workforce. The relationships between the variables are asymmetric. During the COVID-19 period, we find a significant relationship between older labour force growth and productivity growth at high frequencies. Fascinating implications of our results are discussed.

Published
2024
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