Aggregate employment, real business cycles, and superior information

• 成果类型: Article
• 署名作者: Boileau, M; Normandin, M
• 署名单位: University of Colorado System; University of Colorado Boulder; Universite de Montreal; HEC Montreal; Universite de Montreal; HEC Montreal
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(02)00098-3
• 发表日期: 2002
• 页码: 495-520
• 关键词: Labor market; hidden variable; law of motion for forcing variables

摘要

We test whether dynamic, stochastic, general equilibrium artificial economies associated with several labor market structures provide an adequate characterization of aggregate employment volatility and dynamics. Our test is robust to possible misspecifications about the information set used by economic agents to forecast future events. Accounting for agents' superior information, we find that the divisible labor, indivisible labor, labor adjustment costs, and labor hoarding structures replicate employment volatility, in contrast to the nominal wage contracts structure. Also, the labor hoarding structure provides a substantially better account of employment dynamics. (C) 2002 Elsevier Science B.V. All rights reserved.