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首页> 外文期刊>Journal of Economic Dynamics and Control >Endogenous business cycle propagation and the persistence problem: The role of labor-market frictions
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Endogenous business cycle propagation and the persistence problem: The role of labor-market frictions

机译：内生的商业周期传播和持续性问题：劳动力市场摩擦的作用

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摘要

Contrasting sharply with a recent trend in DSGE modeling, we propose a business cycle model where frictions and shocks are chosen with parsimony. The model emphasizes a few labor-market frictions and shocks to monetary policy and technology. The model, estimated from U.S. quarterly postwar data, accounts well for important differences in the serial correlation of the growth rates of aggregate quantities, the size of aggregate fluctuations and key comovements, including the correlation between hours and labor productivity. Despite its simplicity, the model offers an answer to the persistence problem (Chari et al., 2000) that does not rely on multiple frictions and adjustment lags or ad hoc backward-looking components. We conclude modern DSGE models need not embed large batteries of frictions and shocks to account for the salient features of postwar business cycles.
机译：与DSGE建模的最新趋势形成鲜明对比的是，我们提出了一个商业周期模型，其中通过简约选择了摩擦和冲击。该模型强调了一些劳动力市场的摩擦以及对货币政策和技术的冲击。该模型是根据美国战后的季度数据估算的，很好地说明了总数量增长率，总波动幅度和主要联动性（包括工时与劳动生产率之间的相关性）的系列相关性之间的重要差异。尽管简单，该模型仍可解决持久性问题（Chari等，2000），该问题不依赖于多个摩擦和调整滞后或特设的后视组件。我们得出结论，现代DSGE模型不需要嵌入大量的摩擦和冲击来说明战后商业周期的显着特征。

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