Showing 1 - 7 of 7
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
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
unemployment persistence. …
Persistent link: https://www.econbiz.de/10005126077
In this paper, we focus on and examine the empirical evidence of non- linearity in aggregate Canadian unemployment … reject the null hypothesis of a linear structure for Canadian unemployment. …
Persistent link: https://www.econbiz.de/10005412624
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
A vital implication of unemployment persistence applies to the Bank of Canada's disinflation policies since it … adversely influences unemployment and considerably lengthens recessions. This paper tests for persistence in Canadian sectoral … unemployment, using the modified rescaled-range test. Our results show evidence of persistence in sectoral unemployment that …
Persistent link: https://www.econbiz.de/10005062535
This paper extends the standard Real Business Cycle model to incorporate sectoral shifts in unemployment. Using … possibility of generating persistent aggregate unemployment. Calibrated to Canadian data, the models suggest that the introduction … the observed persistence in unemployment. Empirically, we estimated a Vector Auto-Regressive model and successfully …
Persistent link: https://www.econbiz.de/10005412613