Intersectoral Labor Immobility, Sectoral Comovement, and News Shocks

Munechika Katayama, Kwang Hwan Kim

研究成果: Article査読

3 被引用数 (Scopus)

抄録

Sectoral comovement of output and hours worked is a prominent feature of business cycle data. However, most two-sector neoclassical models fail to generate this sectoral comovement. We construct and estimate a two-sector neoclassical Dynamic Stochastic General Equilibrium (DGSE) model generating sectoral comovement in response to both anticipated and unanticipated shocks. The key to our model's success is a significant degree of intersectoral labor immobility, which we estimate using data on sectoral hours worked. Furthermore, we demonstrate that imperfect intersectoral labor mobility provides a better explanation for the sectoral comovement than an alternative model emphasizing the role of labor-supply wealth effects.

本文言語English
ページ(範囲)77-114
ページ数38
ジャーナルJournal of Money, Credit and Banking
50
1
DOI
出版ステータスPublished - 2018 2 1

ASJC Scopus subject areas

  • 会計
  • 財務
  • 経済学、計量経済学

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