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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
associated with inequality adversely affected the emergence of institutions that promote human capital accumulation. The research …
Persistent link: https://www.econbiz.de/10005125614
from institutions, and to some extent, geography, on long-run prosperity and TFP, may be thus explained. …
Persistent link: https://www.econbiz.de/10005126217
distribution of land ownership, adversely affected the implementation of human capital promoting institutions (e.g., public …
Persistent link: https://www.econbiz.de/10005062436
distribution of land ownership, adversely affected the implementation of human capital promoting institutions (e.g., public …
Persistent link: https://www.econbiz.de/10005408243
exercises indicate that recent findings of the conduciveness of good institutions, and, to some extent trade, on levels of TFP …
Persistent link: https://www.econbiz.de/10005561240