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2008-08-11Buch DOI: 10.18452/4148
Lumpy Labor Adjustment as a Propagation Mechanism of Business Cycles
dc.contributor.authorYao, Fang
dc.date.accessioned2017-06-15T23:46:53Z
dc.date.available2017-06-15T23:46:53Z
dc.date.created2008-10-08
dc.date.issued2008-08-11
dc.identifier.issn1860-5664
dc.identifier.urihttp://edoc.hu-berlin.de/18452/4800
dc.description.abstractI explore the aggregate effects of micro lumpy labor adjustment in a prototypical RBC model, which embeds a stochastic labor duration mechanism in the spirit of Calvo(1983), and it extends this approach by introducing a Weibull-distributed labor adjustment process to capture the increasing hazard function corroborated by the micro data. My principal findings are: The aggregate labor demand equation derived from the baseline Calvostyle model corresponds to the same reduced form as the quadratic-adjustment-cost model and deep parameters have a one-to-one mapping. However, this result does not hold in general. When introducing the Weibull labor adjustment, the aggregate dynamics vary with the extent of increasing hazard function, e.g., the volatility of aggregate labor is increasing, but the persistence is decreasing in degree of the increasing hazard of the labor adjustment.eng
dc.language.isoeng
dc.publisherHumboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/
dc.subjectbusiness cycleseng
dc.subjectheterogeneous labor rigidityeng
dc.subjectincreasing hazard functioneng
dc.subjectWeibull distributioneng
dc.subject.ddc330 Wirtschaft
dc.titleLumpy Labor Adjustment as a Propagation Mechanism of Business Cycles
dc.typebook
dc.identifier.urnurn:nbn:de:kobv:11-10092135
dc.identifier.doihttp://dx.doi.org/10.18452/4148
local.edoc.container-titleSonderforschungsbereich 649: Ökonomisches Risiko
local.edoc.pages35
local.edoc.type-nameBuch
local.edoc.container-typeseries
local.edoc.container-type-nameSchriftenreihe
local.edoc.container-volume2008
local.edoc.container-issue56
local.edoc.container-year2008
local.edoc.container-erstkatid2195055-6

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