High frequency real business cycles

• 成果类型: Article
• 署名作者: Aadland, D
• 署名单位: Utah System of Higher Education; Utah State University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(01)00073-3
• 发表日期: 2001
• 页码: 271-292
• 关键词: real business cycles; temporal aggregation; systematic sampling; timing interval; labor-market fluctuations

摘要

This paper investigates how the choice of timing interval within a standard real business cycle (RBC) model can help resolve two well-known labor-market puzzles. Standard quarterly RBC models have had difficulty replicating certain empirical regularities arising from the US labor market. A weekly version of the RBC model is able to partially resolve these puzzles. The improvement in the performance of the model is due to the interaction between theoretical modifications to the standard RBC model and careful accounting for the sampling properties of US aggregate data. (C) 2001 Published by Elsevier Science B.V.