A Business Cycle Model with Private Information
构建了一个真实商业周期模型，其中工人具有异质性且对自己的生产能力拥有私人信息。该模型在信息不对称下产生与观测到的商业周期特征一致的周期性波动，并解释了均衡失业和劳动行为。
A real business cycle model is constructed in which workers are heterogeneous and privately informed about their own productive abilities. The model is structured so that interesting cycles cannot arise in the absence of their informational asymmetry. In the presence of this asymmetry, the model produces cyclical fluctuations that are consistent with features of observed business cycles. Hours behavior of individuals is also consistent with micro evidence. In addition, the model gives rise to equilibrium unemployment and labor. The determination of equilibrium unemployment rates, hours levels, and output are integrally related in the analysis. Copyright 1989 by University of Chicago Press.