Life-Cycle Economies and Aggregate Fluctuations
通过校准至美国人口特征和微观证据的大型世代交叠模型，比较了无限期生存的代表性主体模型与有限期生存的世代交叠模型在经济周期问题上的结论，发现两者基本一致，并进一步分析了不同年龄组劳动时间的相对波动性。
Do the implications for business cycle issues change when we switch from studying infinitely-lived, representative-agent models to more sophisticated demographic structures with finitely lived agents? This article addresses that question by using a large, overlapping-generations model that is calibrated to U.S. demographic properties, microeconomic evidence, and National Income and Product Accounts. The finding is that the answers obtained are basically the same for the two kinds of models. The article also explores the relative volatility of hours across age groups, an issue that cannot be addressed by using the infinitely-lived, representative-agent abstraction.