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Heterogeneity and Aggregation in the Labor Market: Implications for Aggregate Preference Shifts

Chang, Yongsung; Kim, Sun-Bin - EconWPA - 2004

The cyclical behavior of hours worked, wages, and consumption does not conform with the prediction of the representative agent with standard preferences. The residual in the intra-temporal first-order condition for commodity consumption and leisure is often viewed as a failure of labor-market...

Persistent link: https://www.econbiz.de/10005076681

From Individual to Aggregate Labor Supply: A Quantitative Analysis Based on a Heterogeneous Agent Macroeconomy

Chang, Yongsung; Kim, Sun-Bin - EconWPA - 2003

We investigate the mapping from individual to aggregate labor supply using a general equilibrium heterogeneous-agent model with an incomplete market. The nature of heterogeneity among workers is calibrated using wage data from the PSID. The gross worker flows between employment and nonemployment...

Persistent link: https://www.econbiz.de/10005126339

A numerical approach to fiscal policy, unemployment, and growth in Europe

Daveri, Francesco; Maffezzoli, Marco - EconWPA - 2000

We calibrate an infinite-horizon model with endogenous growth and unemployment on actual data from the largest … taxes when financed either raising capital taxation or reducing unemployment subsidies. We find two main results: (i) with … lump-sum transfers, reducing labor taxes and unemployment subsidies is beneficial to both employment and growth, while …

Persistent link: https://www.econbiz.de/10005412655

On the Employment Effect of Technology: Evidence from US Manufacturing for 1958-1996

Chang, Yongsung; Hong, Jay H. - EconWPA - 2003

Recently, Gali and others find that technological progress may be contractionary: a favorable technology shock reduces hours worked in the short run. We ask whether this observation is robust in disaggregate data. According to our VAR analysis of 458 four-digit U.S. manufacturing industries for...

Persistent link: https://www.econbiz.de/10005076740

Non-Walrasian Labor Markets and Real Business Cycles

Maffezzoli, Marco - EconWPA - 2000

model in Daveri and Maffezzoli (2000), where unemployment is generated by monopolistic unions, and calibrate it to reproduce …

Persistent link: https://www.econbiz.de/10005126464