-
作者：BACKUS, DK; KEHOE, PJ; KYDLAND, FE
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Carnegie Mellon University
摘要：We ask whether a two-country real business cycle model can account simultaneously for domestic and international aspects of business cycles. With this question in mind, we document a number of discrepancies between theory and data. The most striking discrepancy concerns the correlations of consumption and output across countries. In the data, outputs are generally more highly correlated across countries than consumptions. In the model we see the opposite.
-
作者：HWANG, HS; REED, WR; HUBBARD, C
作者单位：University of Oklahoma System; University of Oklahoma - Norman
摘要：It is well known that the inability to observe workers' full labor market productivity can bias estimates of compensating wage differentials. This paper attempts to determine how serious this bias is likely to be. It adopts a stochastic framework of workers' tastes over job attributes and models their equilibrium wage-job attribute choices. Workers' productivity is assumed to consist of observed and unobserved components. Applying the standard estimation methodology, we find that the degree of...
-
作者：OSBAND, K
摘要：It is not unusual for reforming socialist economies to relax wage controls without hardening budget constraints on enterprises or freeing consumer goods prices. This policy can be dangerously destabilizing. While higher wages permit workers to purchase more of some goods, they also tend to exacerbate shortages and to breed waste and corruption. Beyond a certain level, economywide wage hikes will worsen worker welfare. This is true regardless of whether deficit goods are strictly rationed, are ...
