Cross-Sectional and Aggregate Labor Supply

Material type: 文書・図像類

Author: Chang, Yongsungほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2019-10

Material Format: Paper

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Note (General)：: Standard heterogeneous agent macro models that highlight idiosyncratic productivity shocks do not generate the near zero cross-sectional correlation b...

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Paper

Material Type: 文書・図像類
Title: Cross-Sectional and Aggregate Labor Supply
Author/Editor: Chang, Yongsung
Kim, Sun-Bin
Kwon, Kyooho
Rogerson, Richard
Author Heading: Chang, Yongsung
Kim, Sun-Bin
Kwon, Kyooho
Rogerson, Richard
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2019-10
Publication Date (W3CDTF): 2019-10
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1063
Volume: 1063
Pages: 1-29
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Target Audience: 一般
Note (General): Standard heterogeneous agent macro models that highlight idiosyncratic productivity shocks do not generate the near zero cross-sectional correlation between hours and wages found in the data. We ask whether matching this moment matters for business cycle properties of these models. To do this we explore two extensions of the model in Chang et al. (2019) that can match this empirical cross-section correlation. One of these departs from the assumption of balanced growth preferences. The other introduces an idiosyncratic shock to the opportunity cost of market work that is highly correlated with the shock to market productivity. While both extensions can match the empirical correlation, they have large and opposing effects on the cyclical volatility of the labor market. We conclude that the cross-sectional moment is important for business cycle analysis and that more work is needed to distinguish the potential mechanisms that can generate it.
References (URI): https://www.iser.osaka-u.ac.jp/library/dp/2019/DP1063.pdf
URI
https://www.iser.osaka-u.ac.jp/library/dp/2019/DP1063.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華