Additionally, Clearwire continues to aggressively alter its cost structure to allow for more expense variability tied to growth.

FORBES: Clearwire Gets A Pair Of Upgrades

Davis and John Haltiwanger have found that oil price shocks account for 20% to 25% of the cyclical variability in employment growth--twice as much as for monetary shocks--and they documented who feels the shocks the most.

FORBES: A Shield Against The Next Oil Shock

If anything, he concludes, countries with greater output variability have enjoyed slightly faster growth in productivity.

ECONOMIST: Should we learn to love recessions?