Output Growth, the Real Wage, and Employment Fluctuations
构建了一个包含内生增长的实际商业周期模型，并用美国数据估计，分析工资变动如何影响劳动投入和产出波动，对研究商业周期与长期增长整合的学者有参考价值。
This paper is an attempt to contribute to the integration of business-cycle analysis with long-term growth. A real-business-cycle model with endogenous growth is developed and estimated with U.S. data. In the present framework, wage movements do not have to be transitory to generate fluctuations in labor effort. The reduced form is a constrained bivariate output/hours (or real-wage/hours) vector autoregressive process. The bivariate setup provides a useful framework for analyzing the persistence of output fluctuations, given that the theory implies that hours of work contain information about future output movement. Copyright 1991 by American Economic Association.