Overtime, effort, and the propagation of business cycle shocks

• 成果类型: Article
• 署名作者: Hall, GJ
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(96)01270-6
• 发表日期: 1996
• 页码: 139-160
• 关键词: business cycle fluctuations; Dynamic general equilibrium; shock propagation; Maximum Likelihood

摘要

This paper presents and estimates a variant of Hansen and Sargent's (1988) real business cycle model with straight time and overtime. The model presented has only one latent variable, the state of technology, yet it does a better job propagating and magnifying shocks than the labor hoarding models which incorporate unobserved effort. This model, as well as a version of Burnside, Eichenbaum, and Rebelo's (1993) labor hoarding model, is estimated using maximum likelihood. The maximum likelihood parameter estimates are compared to those using GMM.