Wages, business cycles, and comparative advantage

• 成果类型: Article
• 署名作者: Chang, Y
• 署名单位: University of Pennsylvania
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(00)00015-5
• 发表日期: 2000
• 页码: 143-171
• 关键词: wages; business cycles; comparative advantage

摘要

The standard equilibrium models of business cycles face a puzzling fact that to tal hours vary greatly over the business cycle without much variation in aggregate wages. The model augments the standard RBC model to include Lucas span of control. Distinction between market and non-market and managerial and non-managerial work makes aggregate wages far less cyclical than individual wages. Cross-sectional comparative advantage between market and non-market sector in the workforce substantially increases the response of aggregate hours to shifts in relative productivity. As a result, the model provides a reconciliation between data and equilibrium macroeconomics. (C) 2000 Elsevier Science B.V. All rights reserved. JEL classification: E32; J31; J62.