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This paper investigates the international business cycle with new sector level data on hours and output for Canada, Germany, France, Italy, the United Kingdom and the United States from 1992 Q1 to 2011 Q3. We estimate a Bayesian dynamic common factor model on this disaggregate data to decompose...
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the input factors and workplace reorganization. The estimation results show that changes in human resources practices do … observable firm heterogeneity are larger if workplace reorganization is realized. We therefore apply Kernel density estimation … realized. We therefore apply Kernel density estimation technique to demonstrate that the entire labor productivity distribution …
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We extend the canonical income process with persistent and transitory risk to shock distributions with left-skewness and excess kurtosis, to which we refer as higher-order risk. We estimate our extended income process by GMM for household data from the United States. We find countercyclical...
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