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| Tekijä: | Hercowitz, Z. Sampson, M. |
| Otsikko: | Output growth, the real wage, and employment fluctuation |
| Lehti: | American Economic Review
1991 : DEC, VOL. 81:5, p.1215-1237 |
| Asiasana: | OUTPUT GROWTH BUSINESS CYCLES EMPLOYMENT USA ECONOMIC FORECASTING |
| Kieli: | eng |
| Tiivistelmä: | The determination of output, the real wage, and hours of work in a real-business-cycle model is studied. A real-business-cycle model with endogenous growth is developed and estimated with USA data. In the present framework, wage movements do not have to be transitory to generate fluctuations in labour efforts. The reduced form is a constrained bivariate output/hours (or real-wage/hours) vector autoregression process. The bivariate setup provides a useful framework for analyzing the persistence of output fluctuations, given that the theory implies that hours of work contain information about future output movements. |
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