Unemployment, the Variability of Hours, and the Persistence of "Disturbances": A Private Information Approach
构建了一个异质性劳动力的真实商业周期模型，工人对自己的生产能力拥有私人信息，模型解释了工作时间波动增强和持续性产生的机制，并说明即使个体对工资反应很小，总工作时间仍可能对平均生产率变化做出强烈反应。
A real business cycle model is developed in which the workforce is heterogeneous. Workers are privately informed about their own productive abilities. It is shown that the presence of private information creates a mechanism for enhancing the variability of hours worked, as well as channels of persistence. Moreover, aggregate hours worked can respond strongly to variations in average productivity (real wages), even though observed responses of hours worked to real wage movements are small for all individuals in the model. Copyright 1989 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.