Non‐stationary Hours in a DSGE Model
用贝叶斯方法估计两种DSGE模型，发现当企业可自由调整劳动投入时，数据支持含永久性劳动供给冲击的非平稳工时模型；但引入劳动调整成本后，平稳工时模型拟合更好。
The time series fit of dynamic stochastic general equilibrium (DSGE) models often suffers from restrictions on the long‐run dynamics that are at odds with the data. Using Bayesian methods we estimate a stochastic growth model in which hours worked are stationary and a modified version with permanent labor supply shocks. If firms can freely adjust labor inputs, the data support the latter specification. Once we introduce frictions in terms of labor adjustment costs, the overall time series fit improves and the model specification in which labor supply shocks and hours worked are stationary is preferred.