Intersectoral Labor Immobility, Sectoral Comovement, and News Shocks
构建并估计了一个两部门新古典DSGE模型，发现跨部门劳动力不流动是解释产出和工时部门联动现象的关键，且比劳动供给财富效应模型更优。
Abstract Sectoral comovement of output and hours worked is a prominent feature of business cycle data. However, most two‐sector neoclassical models fail to generate this sectoral comovement. We construct and estimate a two‐sector neoclassical Dynamic Stochastic General Equilibrium (DGSE) model generating sectoral comovement in response to both anticipated and unanticipated shocks. The key to our model's success is a significant degree of intersectoral labor immobility, which we estimate using data on sectoral hours worked. Furthermore, we demonstrate that imperfect intersectoral labor mobility provides a better explanation for the sectoral comovement than an alternative model emphasizing the role of labor‐supply wealth effects.