Technology Shocks and Employment
发现，在贸易弹性较低时，标准开放经济灵活价格模型能模拟出技术正向冲击导致就业持续下降的现象，并匹配生产率与就业的负条件相关性，但模型未能使就业充分顺周期，表明RBC模型在解释技术冲击对就业的负向影响与将其作为周期主要来源之间存在矛盾。
Recent empirical work has suggested that in response to a positive technology shock employment shows a persistent decline. We show that the standard, open economy, flexible price model can generate a negative response of employment to a positive technology shock and can also match the negative conditional correlation between productivity and employment quite well if trade elasticities are low. While the model also has good overall properties, it fails to generate sufficient procyclicality in employment. This finding indicates that the RBC model faces a tension between accounting for the negative response of employment to technology shocks and simultaneously maintaining that technology shocks are the major source of business cycle fluctuations.