| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8005 |
| DP8005 The Output Gap, the Labor Wedge, and the Dynamic Behavior of Hours | |
| Luca Sala; Ulf Söderström; Antonella Trigari | |
| 发表日期 | 2010-09-23 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We use a standard quantitative business cycle model with nominal price and wage rigidities to estimate two measures of economic inefficiency in recent U.S. data: the output gap---the gap between the actual and efficient levels of output---and the labor wedge---the wedge between households' marginal rate of substitution and firms' marginal product of labor. We establish three results. (i) The output gap and the labor wedge are closely related, suggesting that most inefficiencies in output are due to the inefficient allocation of labor. (ii) The estimates are sensitive to the structural interpretation of shocks to the labor market, which is ambiguous in the model. (iii) Movements in hours worked are essentially exogenous, directly driven by labor market shocks, whereas wage rigidities generate a markup of the real wage over the marginal rate of substitution that is acyclical. We conclude that the model fails in two important respects: it does not give clear guidance concerning the efficiency of business cycle fluctuations, and it provides an unsatisfactory explanation of labor market and business cycle dynamics. |
| 主题 | International Macroeconomics |
| 关键词 | Business cycles Efficiency Labor markets monetary policy |
| URL | https://cepr.org/publications/dp8005 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536842 |
| 推荐引用方式 GB/T 7714 | Luca Sala,Ulf Söderström,Antonella Trigari. DP8005 The Output Gap, the Labor Wedge, and the Dynamic Behavior of Hours. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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