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作者：Stokey, Nancy L.
作者单位：University of Chicago
摘要：The substantial adjustment cost for housing affects nondurable consumption and portfolio allocations, as well as the frequency of housing transactions. A simple theoretical model, roughly calibrated, is used to assess the quantitative impact of adjustment costs on those decisions. The impact on portfolios is found to be significant, suggesting that housing wealth should be useful in empirical Studies of portfolio choice. The welfare loss from the transaction cost is also substantial. The effec...
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作者：Ohanian, Lee E.; Prescott, Edward C.; Stokey, Nancy L.
作者单位：University of Chicago; University of California System; University of California Los Angeles; Arizona State University; Arizona State University-Tempe; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：This introduces the symposium on dynamic general equilibrium. (C) 2009 Elsevier Inc. All rights reserved.
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作者：Ohanian, Lee E.
作者单位：University of California System; University of California Los Angeles; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Herbert Hoover. I develop a theory of labor market failure for the Depression based on Hoover's industrial labor program that provided industry with protection from unions in return for keeping nominal wages fixed. I find that the theory accounts for much of the depth of the Depression and for the asymmetry of the depression across sectors. The theory also can reconcile why deflation/low nominal spending apparently had such large real effects during the 1930s, but not during other periods of s...
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作者：Hansen, Gary D.; Imrohoroglu, Selahattin
作者单位：University of California System; University of California Los Angeles; University of Southern California
摘要：We study the effects of on-the-job skill accumulation on average hours worked by age and the volatility of hours over the life cycle in a calibrated general equilibrium model. Two forms of skill accumulation are considered: learning by doing and on-the-job training. In our economy with learning by doing, individuals supply more labor early in the life cycle and less as they approach retirement than they do in an economy without this feature. The impact of this feature on the volatility of hour...
