My da|ra Login

Detailed view

metadata language: English

Replication data for: Heterogeneity and Aggregation: Implications for Labor-Market Fluctuations

Version
1
Resource Type
Dataset
Creator
  • Chang, Yongsung
  • Kim, Sun-Bin
Publication Date
2007-12-01
Description
  • Abstract

    We demonstrate that aggregate employment and consumption can increase without a corresponding movement in productivity in a model with heterogeneous agents where the only aggregate disturbance is a productivity shock. The interaction between incomplete capital markets and indivisible labor results in a low employment-productivity correlation and creates a time-varying wedge between the marginal rate of substitution (for commodity consumption and hours) and productivity. Our results caution against viewing the measured wedge as an inefficiency due to a failure of labor-market clearing or as a fundamental driving force behind business cycles. (JEL D31, E32, J22, J24, J31)
Availability
Download
Relations
  • Is supplement to
    DOI: 10.1257/aer.97.5.1939 (Text)
Publications
  • Chang, Yongsung, and Sun-Bin Kim. “Heterogeneity and Aggregation: Implications for Labor-Market Fluctuations.” American Economic Review 97, no. 5 (November 2007): 1939–56. https://doi.org/10.1257/aer.97.5.1939.
    • ID: 10.1257/aer.97.5.1939 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-12-07

Chang, Yongsung; Kim, Sun-Bin (2007): Replication data for: Heterogeneity and Aggregation: Implications for Labor-Market Fluctuations. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E116297V1