Heterogeneity and Aggregation: Implications for Labor-Market Fluctuations: Reply
成果类型：
Editorial Material
署名作者：
Chang, Yongsung; Kim, Sun-Bin
署名单位：
University of Rochester; Yonsei University; Yonsei University
刊物名称：
AMERICAN ECONOMIC REVIEW
ISSN/ISSBN：
0002-8282
DOI：
10.1257/aer.104.4.1461
发表日期：
2014
页码：
1461-1466
关键词：
摘要：
Takahashi (2014) has uncovered coding errors in our paper, Chang and Kim (2007)-henceforth, CK. We acknowledge and are embarrassed by these mistakes. We are grateful to Takahashi for uncovering them. While the correction decreases the volatility of the labor market wedge, we find that the main message of CK remains valid: the measured labor market wedge arises endogenously in an economy with incomplete capital markets and indivisible labor supply. For example, our model accounts for 18 percent of the volatility in the labor market wedge in the data; it was 43 percent in CK.