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タイトル: Time-Varying Wage Risk, Incomplete Markets, and Business Cycles
著者: Takahashi, Shuhei  kyouindb  KAKEN_id
キーワード: Uninsured idiosyncratic wage risk
ndivisible labor
Uncertainty shocks
Hours-productivity correlation
Labor
発行日: Jan-2015
出版者: Institute of Economic Research, Kyoto University
誌名: KIER Discussion Paper
巻: 912
抄録: Idiosyncratic wage risk exhibits cyclical variation. The present paper analyzes how such risk fluctuations affect business cycles using a heterogeneous-agent model with uninsured idiosyncratic wage risk and indivisible labor. I introduce risk fluctuations as uncertainty shocks and calibrate those shocks to the U.S. micm-level wage data. When moved by both uncertainty and aggregate TFP shocks, the model generates a weakly negative correlation between total hours worked and average labor productivity and large fluctuations in the labor wedge close to those in the U.S. economy. Without uncertainty shocks, hours and productivity comove strongly and the labor wedge varies little.
記述: Revised: January 2017
URI: http://hdl.handle.net/2433/192944
出現コレクション:KIER Discussion Paper (英文版)

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