Replication data for: Heterogeneity and Aggregation: Implications for Labor-Market Fluctuations
Principal Investigator(s): View help for Principal Investigator(s) Yongsung Chang; Sun-Bin Kim
Version: View help for Version V1
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| Programs20040370 | 12/07/2019 12:44:PM | ||
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text/plain | 14.6 KB | 12/07/2019 07:45:AM |
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application/pdf | 53.6 KB | 12/07/2019 07:44:AM |
Project Citation:
Chang, Yongsung, and Kim, Sun-Bin. Replication data for: Heterogeneity and Aggregation: Implications for Labor-Market Fluctuations. Nashville, TN: American Economic Association [publisher], 2007. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116297V1
Project Description
Summary:
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We demonstrate that aggregate employment and consumption can increase without a corresponding movement in productivity in a model with heterogeneous agents where the only aggregate disturbance is a productivity shock. The interaction between incomplete capital markets and indivisible labor results in a low employment-productivity correlation and creates a time-varying wedge between the marginal rate of substitution (for commodity consumption and hours) and productivity. Our results caution against viewing the measured wedge as an inefficiency due to a failure of labor-market clearing or as a fundamental driving force behind business cycles. (JEL D31, E32, J22, J24, J31)
Scope of Project
JEL Classification:
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D31 Personal Income, Wealth, and Their Distributions
E32 Business Fluctuations; Cycles
J22 Time Allocation and Labor Supply
J24 Human Capital; Skills; Occupational Choice; Labor Productivity
J31 Wage Level and Structure; Wage Differentials
D31 Personal Income, Wealth, and Their Distributions
E32 Business Fluctuations; Cycles
J22 Time Allocation and Labor Supply
J24 Human Capital; Skills; Occupational Choice; Labor Productivity
J31 Wage Level and Structure; Wage Differentials
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