LABOR PRODUCTIVITY AND THE BUSINESS-CYCLE - CAN RBC MODELS BE SAVED

被引：11

作者：

FAIRISE, X

LANGOT, F

机构：

[1] C.M.E., Paris

[2] M.A.D., Université de Paris, Paris

[3] M.A.D., Université de Paris., Paris

来源：

EUROPEAN ECONOMIC REVIEW | 1994年 / 38卷 / 08期

关键词：

BUSINESS CYCLE; LABOR PRODUCTIVITY CYCLE; LABOR HOARDING; LABOR ADJUSTMENT COSTS;

D O I：

10.1016/0014-2921(94)90028-0

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Standard R.B.C. models do not enable one to reproduce the main labor market stylized facts: employment is more variable than productivity and average productivity leads the cycle. In order to mimic these features, we consider a model with indivisible labor, labor hoarding and adjustment costs. The model is then simulated and compared to U.S. stylized facts. We show that government expenditure shock and some specific labor adjustment costs are necessary to explain the lead of the average productivity over the business cycle.

引用

页码：1581 / 1594

页数：14

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