Heterogeneity and Aggregation: Implications for Labor-Market Fluctuations: Reply
回应Takahashi（2014）指出的编码错误，修正后模型仍支持原结论：不完全资本市场和不可分劳动供给内生地产生劳动力市场楔子，但解释力从43%降至18%。
Takahashi (2014) has uncovered coding errors in our paper, Chang and Kim (2007)—henceforth, CK. We acknowledge and are embarrassed by these mistakes. We are grateful to Takahashi for uncovering them. While the correction decreases the volatility of the labor market wedge, we find that the main message of CK remains valid: the measured labor market wedge arises endogenously in an economy with incomplete capital markets and indivisible labor supply. For example, our model accounts for 18 percent of the volatility in the labor market wedge in the data; it was 43 percent in CK.